Jack Welch: Energy-Rich America Will Be Bigger Than the Internet

When it comes to business, it is hard to find anyone as legendary as Jack Welch. During his 20 years at the helm of General Electric, the company’s value rose 4,000%.
While talking over the economic concerns of the fiscal cliff and the elections with CNBC’s Squawkbox, the conversation turned to the importance of willfully developing an energy-rich America:

“…We have a chance in this country, to make this the American century. I mean, this gas thing is huge. the gas and oil that we have found is in the first inning. It’s like the internet in 1990. We’re in the first inning of a great American century — unless we get whacked.
Now, if you go to New York state, you get a small example of what can happen with the Marcellus fields. Pennsylvania is drilling. West Virginia is drilling. New York state is having another study, another study. If we get shut down on this thing that will change the shape of the chemical industry. All the products that are derived from the chemical industry and give us low energy cost that makes us the most competitive country in the world.”

Unfortunately, Mr. Welch doesn’t see the capacity to fufill the promise in the current administration.