Canadian businessman and television personality Kevin O’Leary, known for his role in the popular show Shark Tank, has announced his plans to construct a $14 billion oil refinery in the United States. O’Leary revealed that the refinery would be the first of its kind in over 40 years and would help reduce the country’s dependence on foreign oil while creating thousands of job opportunities.
The planned refinery is set to be located in the Midwest and is designed to produce diesel, gasoline, and jet fuel. It is expected to generate up to 400,000 barrels of fuel per day, and the latest technology would be employed during construction to minimize its environmental impact.
The refinery's construction will offer a new market for US oil producers, who have been grappling with oversupply and low prices in the industry for several years. Despite the fact that the refinery still needs to go through several regulatory processes before construction can begin, O’Leary is optimistic that it will be approved, with the possibility of being operational in as little as five years.
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