New York billionaire and refiner John Catsimatidis is out with a new warning that soaring fuel prices and rising interest rates could produce a hard landing for the US economy. Catsimatidis warned last month about the diesel shortage on the East Coast, even suggesting the fuel could “be rationed this summer.”
Catsimatidis told Fox Business’ Dagen McDowell that the fuel crisis “will get worse” and said the Biden administration is steering the economy on a path towards recession, indicating this downturn doesn’t need to happen.
Biden’s “obsession” against “turning on North American oil spigots” has skyrocketed energy costs and inflation, he said, adding that the president has been begging Saudi Arabia and other countries for more crude production instead of increasing domestic production.
“We have 100 years’ worth of oil [in the US]. Let them [the government] open up the spigots and the price of crude oil will come back down to $55, $60, maybe $65 – half”, Catsimatidis said.
He explained it makes absolutely “no sense” to beg Saudi Arabia for crude at $120/bbl. He called on the president to increase domestic drilling.
“[Biden] wants to fly to Saudi Arabia and beg the Saudi Arabians to give us another half a million barrels at $120 a barrel… It makes no sense,” he added.
Catsimatidis spoke with McDowell on Monday as the national gasoline average at the pump inched closer to $5 a gallon.
Tightness in fuel supplies is worsening and has forced multiple banks, including Goldman Sachs (full note available only to pro subs), to revise the peak summer oil price target from $125/bbl to $140/bbl.
Goldman outlined demand destruction would be around $160/bbl.
Very true but you all say he won the election so we are all having to live with the consequences, personally I would prefer what President Trump has to offer everybody. But keep on going after President Trump and see what happens. I personally might just watch this mess play out because I think this show is about to have a lot of eye opening revelations in it.
SO an oil billionaire is upset that the price gouging he is causing is a bad thing? These companies should be nationalized and controlled our military to begin with like other strong nations….
3:00 pm – So you want socialism? Ok with me, but I’m just trying to clarify.
Biden doesnt want us to produce any more oil infact if he could get oil manufaturing shut down in the US he will succeed in making the US go electric before its time
All a part of Obama’s plan. Not bidens. Biden is too dumb, Obama is running the country
The true clown behind the curtain
for those of you with low iq’s let me explain something for you. It’s all about control of you and your offspring.
Can’t have you all living the lifestyles of the rich and famous. going wherever you please whenever you please. The planet cant support that. so we must control and weed out the mouth breathers! hence the clot shot, blm, and everything else you see going on in todays society.
Electric vehicles are more polluting then gas vehicles. but hey dont let the facts interfere with what they want you to believe! more reason to curtail your 2nd amendment rights! you will assimilate or else!