Posted on 06/08/2022 10:26:00 AM PDT by lightman
New York billionaire and refiner John Catsimatidis warned that rising interest rates could produce ill effects on the U.S. economy.
The White House’s “obsession” against “turning on North American oil spigots” has triggered a significant hike in energy costs and inflation, Catsimatidis told Fox Business on Tuesday. He noted that the Biden administration asked Saudi Arabia and other nations for more crude oil production rather than boosting domestic output.
“We have 100 years’ worth of oil [in the U.S.]. Let [the government] open up the spigots and the price of crude oil will come back down to $55, $60, maybe $65—half,'” said Catsimatidis, the head of the United Refining Company and also the Gristedes Supermarkets retailer.
He added that the Federal Reserve’s choice to hike interest rates amid high inflation and soaring energy costs could trigger a recession. Other high-profile business leaders have issued similar warnings in recent weeks. Federal data for April indicated the inflation rate has risen 8.3 percent, while AAA data suggests the average price for a gallon of regular gas is nearing $5.
“Somebody’s on the path to destruct America, and somebody’s got to say ‘guys, enough is enough,'” he told Fox. “You know what the cost has been to the American people because of the rising gas prices—the cost of the rising food prices—it’s going to go even higher with $120 oil,” Catsimatidis said.
White House officials this week suggested that there is little the administration can do to alleviate high costs at the pump. They’ve primarily cast the blame on the conflict between Russia and Ukraine, along with oil companies.
“You know, this is, in large part, caused by [Russian aggression],” Commerce Secretary Gina Raimondo alleged in a recent interview with CNN. “Gas prices have gone up over $1.40 a gallon” since Russian troops moved closer to Ukraine’s border earlier this year, “and the president is asking for Congress and others for potential ideas,” she said.
Republicans have said Biden’s executive orders—including a flurry of rules that were authorized after President Biden took office in January 2021—have driven up the public and private costs of oil drilling in the United States by halting drilling on public lands and canceling the Keystone XL pipeline, which would have brought crude oil from Alberta, Canada, to the interior U.S.
But Raimondo told CNN that the prices will not go down until the conflict ends, again pinning the blame on Russian President Vladimir Putin.
“But again, especially what we need to do is get [Moscow] to end this war. And that is also something that we are working as hard as we can to do. … The President is thinking about this every day and pushing his team and Congress to come up with any idea possible because we’re deeply aware of how this is hurting American families,” Raimondo said.
“Why don’t you get up on current events, Scooter. Obama is now 2 Presidents in the rear view mirror. So unless you have a time machine you can stop.”
Yeah right. Who do you think is running the current regime? Obama IS the strongman in the White House today. Obama, more than Trump, ran the executive branch from 2017-21.
A country that was born out of the concept of moral governance by a moral people under God?
Who could it be that wants to destroy the USA?
Cue the Church Lady.
Why do we allow one man to control energy to the detriment of millions of Americans? Biden/Obama (same guy) should not have the power to dismantle Keystone...
It’s be great if you’d occasionally deal with the here and now.
L
The GOP is bought and paid for and controlled by the left. The republican voter needs to wake the hell up and get mad.
That is the here and now.
Obama put together the most extensive and inclusive vote fraud organization in American history, just like Senile Joe told us, and cheated Trump out of office and now has his gang running the country again.
Joe Biden has a new explanation for inflation: Corporations, see, aren't being taxed enough. Never mind Putin... (5.14.22)
Are misguided elite Democrats of today, possibly the children and grandchildren of the anti-government radicals of the 50s and 60s, still fighting the Don Quixote windmills that their grandparents were fighting?
Insights welcome.
Also, Trump's red tsunami of patriot supporters are reminded that they must vote twice this election year. Your first vote is to primary career RINO incumbents. Your second vote is to replace outgoing Democrats and RINOs with Trump-endorsed patriot candidates.
Again, insights welcome.
That’s what a lot of people are not getting.
The “intelligence community” was working for Obama trying to get Trump the whole time Trump was in office.
Most other agencies were the same way, massive resistance and obstruction.
Turns out “destruct” is a real word. Who knew?
The Democrats have this crazy theory that if gas costs a ton people will stop buying it and go into debt and buy an EV ,LOL
It is, per full caption.
From 2010 on through today the NSC has served as Obama’s Praetorian Guard.
What was your first clue there, Sherlock?
FJB
That ‘Somebody’ is clearly Obama and his minions: Soros, Wright, Sanders, Warren-—just as in the dream of his father.
It’s time more shout this truth loudly. This chaos is likely choreographed, but definitely intentional.
Well we here all know it. Red America knows it too.
But I think the point is that the guy saying this broadcasts a radio show in deep dark blue NYC.
soetoro is just a puppet, himself.
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No, I’m sure he is one of the principal architects of the plan to destroy our Constitutional Republic. In other words he’s a major player on the international team planning the global reset, the goal of which is to do away with the political construct known as the nation state.
C’mon, Republicans, learn how to fight!
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Most so-called Republicans already know how to fight. Everyday they fight like hell to advance the objectives of the Democrats!
The oil prices are 100% Barak Biden’s fault.
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The vast majority know that. The problem is that so many of those who know it will, for the sake of ideology, still vote for the Democrats. Why? See my tagline!
Obama put together the most extensive and inclusive vote fraud organization in American history, just like Senile Joe told us, and cheated Trump out of office and now has his gang running the country again.
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BINGO! Well and truly said and every word of it!
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