Mad Money

Chesapeake CEO: Hope We Don’t Export US Nat Gas

The head of Chesapeake Energy, the second largest producer of natural gas in the United States, told Cramer he hopes the country does not export the gas overseas, despite agreeing to supply fuel for a proposed export project.

“Four years from now we’re going to have the ability to export natural gas in a way that we export every other product we that make,” Chesapeake CEO Aubrey McClendon said, “but my hope is that in four years we so embrace natural gas in transportation that instead what we’re doing is not importing as much oil and using our natural gas here.”

Record U.S. natural gas production has sparked a debate about whether the resource should be used more at home, potentially for wider use in transportation, or shipped abroad to fetch higher prices on the global market.

Cramer has long railed against our dependence on OPEC and has advocated embracing nat gas as fuel in this country.

But despite the massive reserves, the U.S. has yet to make widespread progress to turn diesel and gasoline engines over to natural gas.

McClendon is hoping that changes. But if not, they’ll need to send their product overseas.

“If for some reason, our country doesn’t embrace natural gas as a transportation fuel,” he said, “our shareholders need the opportunity to go sell their gas on the world market.”

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