‘Open up the spigots,’ says a billionaire oil refiner, or things will get worse.
According to John Catsimatidis, if Biden switched to North American oil instead of Saudi Arabia, crude oil prices would fall by half.
As Americans feel the wrath of rising gas and food prices, New York City billionaire and oil refiner John Catsimatidis suggested that President Biden “open up the spigots.”
Catsimatidis told FOX Business’ Dagen McDowell that “it will get worse” after the national average price of a gallon of gas reached a new all-time high of $4.86, and lamented that neither the exacerbation nor an economic recession is necessary, but leaders refuse to change course.
Catsimatidis blamed high energy prices on President Biden’s “obsession” with not “turning on North American oil spigots,” and chastised him for seeking oil from Saudi Arabia rather than drilling domestically.
.@JCats2013: "It will get worse… It doesn’t have to happen… a recession does not have to happen."
— Mornings with Maria (@MorningsMaria) June 6, 2022
“We have 100 years’ worth of oil. Let them open up the spigots and the price of crude oil will come back down to $55, $60, maybe $65 – half,” he stressed on “Mornings with Maria” Monday.
Catsimatidis went on to say that he disagrees with the push to raise federal interest rates, arguing that instead of lowering the price of oil and controlling the recession, raising interest rates would destroy the real estate industry and “everything else in America.”
He is “begging” with Democratic senators to end it.