Mukesh Ambani says US will be energy-independent in 5-7 years

Says the fundamental transformation in the US energy sector will help drive economic growth this year

Mukesh Ambani, the billionaire chairman of Reliance Industries Ltd, said the US’ development of shale oil and gas will make the country energy-independent as early as 2018, reported Bloomberg.

“For many decades, we have heard that the US will be independent of foreign imports of energy,” Ambani, whose company operates the largest oil refining complex in the world, said in an interview for CNN’s Fareed Zakaria GPS programme. “Realistically, it is my judgment this will happen in the next five to seven years.”

Ambani said the “fundamental transformation” in the US energy sector will help drive economic growth this year, according to a transcript of the interview provided by CNN. He said he was “more optimistic than most” about the global economy. When asked what a military strike on Iran would do to the price of oil, Ambani said there was “enough spare capacity” in global energy markets to “take care of eventualities,” according to the transcript.

Ambani is also bullish on the prospect of economies such as China, the European Union and the US. According to a PTI report, Ambani exuded optimism over India's long-term growth, saying its 100 billion people, each one of whom is a part of the system, will ensure prosperity with their aspirations. "I am very bullish on India because it is really the aspiration of a billion people, and ours is a county where all the billion count.”

There are some countries in the world where one person counts, there are some where the Politburo or 12 people count... All our billion people count and they have aspirations," Ambani said.