Entrepreneur and Shark Tank investor Kevin O'Leary has made headlines recently with his commentary on significant issues impacting trade and safety surrounding the U.S. and Canada. His insights on both the economic front involving Canadian oil imports and the aviation sector following a Delta plane crash have sparked discussions across multiple platforms.
On February 20, 2025, O'Leary shared his thoughts via an Instagram video about the pivotal role Canadian oil imports play in the U.S. energy supply. He highlighted the cost-effectiveness of these imports, stating, "The Canadian oil is $13 a barrel cheaper than any other and it's 70% of the imports." O'Leary elaborated on the political dynamics at play, discussing the tariff negotiations affecting this resource. Initially, the tariff on Canadian oil imports was set at 25%, but through the efforts of Alberta Premier Danielle Smith and discussions with former U.S. President Donald Trump, it was reduced to 10%. He remarked, "The oil deal is—remember the first idea was twenty-five percent, and then through a lot of work, I think Daniella Smith did herself... got her a ten percent tariff." This reduction is significant considering the U.S. reliance on Canadian crude, with O'Leary emphasizing, "All the refineries in the U.S.... were built for this grade of oil—there's no alternative to buy."
Delving even more deeply, O'Leary speculated about potential future reductions, saying, "Maybe they pass on because it's pragmatic." He underscored the importance of keeping energy costs low for the U.S. economy and discussed how political changes could shift these trade negotiations. Mentioning the upcoming Canadian federal elections, O'Leary noted, "One of the big problems is we don't have any leadership in Canada. The election is coming in six weeks," pointing to the strained relations with Canadian political figures like Deputy Prime Minister Chrystia Freeland and Prime Minister Justin Trudeau, which could complicate future discussions.
Separately, O'Leary also addressed the alarming news surrounding aviation safety following the Delta plane crash on February 17, 2025, in Toronto, where poor weather conditions led to disastrous results. During his interview with CNN, O'Leary reviewed the harrowing footage of the incident, where the aircraft flipped and caught fire as it landed. His analysis pointed to possible structural failures contributing to the catastrophe: "It looks like the undercarriage on the right wing broke, the wing hit the runway, maybe a snowbank broke off," he explained, supporting the narrative raised by the CNN host who described the situation as miraculous due to the lack of fatalities among the 80 passengers on board.
Despite 18 individuals sustaining injuries, O'Leary praised the plane's construction, equipping it to prevent more tragic outcomes. He reflected positively on the engineering, stating, "Those people getting out like is fantastic. It's incredible and rare. Great construction." His evaluation highlighted the importance of safety standards and engineering quality, indicating significant advancements within the aviation industry.
Adding to his roles, O'Leary shared his views on economic policies during another discussion on February 18, 2025. He criticized the extent of cost-cutting measures applied to government agencies, echoing Musk's call for more severe reductions to modernize operations. Referencing practices common within private equity, he pointed out, "There's this concept in private equity—when you get a bankrupt company... you cut 20% more than your initial read." O'Leary argued the necessity of these cuts, stressing the instability within government agencies and advocating for pragmatic reforms.
The interplay of O'Leary's insights on Canadian oil imports, aviation safety, and government restructuring is emblematic of the broader economic and political currents shaping North American trade relations today. His commentary not only engages audiences with the pressing debates of our time but also reflects the dynamic interplay between market forces and policy contexts. For those interested, O'Leary will continue to deliver his perspectives on significant economic matters as Shark Tank Season 16 progresses, offering both inspiration and innovative business solutions to aspiring entrepreneurs and viewers alike.