If oil reachs USD70, it should stabilise as frackers starts pumping. No need to hedge.
But Biden stopped US frackers from operating.
Billionaire oil refiner warns Biden to ‘open up the spigots’ or things ‘will get worse’
John Catsimatidis argued that crude oil prices would drop by half if Biden turned to North American oil vs Saudi Arabia
John Catsimatidis, United Refining Company and Gristedes Foods CEO, weighs in as gas prices reach a new all-time high and emphasizes the impact these costs will have on the retail industry.
New York City billionaire and oil refiner John Catsimatidis said President Biden should “open up the spigots” as Americans feel the wrath of soaring costs at the pump and in the food store.
Reacting to the national average price of a gallon of gas reaching a new all-time high of $4.86, Catsimatidis told FOX Business’ Dagen McDowell that “it will get worse” and lamented that neither the exacerbation nor an economic recession has to happen, but leaders refuse to change course.
Catsimatidis cited President Biden’s “obsession” with not “turning on North American oil spigots” as a leading culprit behind high energy costs and criticized him for seeking oil from Saudi Arabia instead of drilling domestically.
“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.
“[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.
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John Catsimatidis slammed President Biden over his behavior toward energy independence amid record-high gas prices. (Photo by Justin Sullivan/Getty Images / Getty Images)
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Catsimatidis went on to say he disagrees with the push to raise federal interest rates, arguing that instead of bringing down the price of oil and controlling recession, the real estate industry and “everything else in America” would be wiped out as a result.
He is “begging” Democratic senators to put a stop to it.
“Somebody’s on the path to destruct America, and somebody’s got to say ‘guys, enough is enough,'” he stressed, adding “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.”
President Biden continues to be lambasted for refusing to take even partial responsibility for multiple mounting crises, as gas prices crossed the $5 per gallon mark in many states amid unending inflation.
Over the weekend, Transportation Secretary Pete Buttigieg rebuffed claims the administration could substantively act to bring Americans some relief, remarking that there isn’t a “dial in the Oval Office” to adjust gas prices. Instead, he criticized oil executives.
On “The Five,” co-host Jesse Watters said it is incredulous to see Biden continue to claim he cannot do much to help assuage the current situation.
“You can’t tell the American people there’s nothing you can do if you’re the leader of the free world. We gave you the House, the Senate… the White House,” he said. “We gave you a recovering economy. And now all of a sudden, there’s nothing you can do. Come on. No one understands that.”
Watters added that while Biden and his cabinet continue to cite purported inability to fix the crises, they simultaneously claim they can “lower the world’s temperature” by transforming the U.S. into reliance on green energy.
On inflation, Watters said Biden had the chance to relieve Federal Reserve Chairman Jerome Powell of his duties when his term recently expired but chose to retain the Trump appointee.
“The guy choked on inflation,” he said of Powell. “It’s like hiring a drunk pilot – He’s already lost control of the plane. You think he’s going to stick the landing at this point?”
Biden’s Rehoboth Beach house (Fox News Digital)
Biden’s latest four-day weekend in Rehoboth Beach, Del., plus reports of complaints he has not been able to hold more public events, only reinforces his negative public perception, the panel discussed.
The president recently reportedly complained of his approval rating being lower than Donald Trump’s lowest mark.
In addition, MSNBC host Jonathan Lemire claimed White House “morale… is plummeting” over fears regarding repeated comparisons between Biden and Jimmy Carter, who governed during a notoriously disastrous period for the U.S. economy.
Transportation Secretary Pete Buttigieg has faced criticism for alleged inaction in Biden’s crises. (Drew Angerer/Getty)
Of Joe Biden’s repeated trips to Rehoboth as the elections approach, Watters remarked, “Delaware is not a swing state.”
The last Republicans to hold congressional office there were Rep. Mike Castle and Sen. William V. Roth Jr. — namesake of the Roth IRA – more than a decade ago.
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But Biden stopped US frackers from operating.
WHEN U.S. & ALLIES GET SWELL-HEADED & INSIST THE WORLD BELONGS TO THEM, THIS TYPE OF ‘NONSENSE’ HAPPENS – ‘WE HAVE 100 YEARS’ WORTH OF OIL…AND BIDEN WANTS TO FLY TO SAUDI ARABIA & BEG THEM TO GIVE US ANOTHER HALF A MILLION BARRELS AT $120 A BARREL… IT MAKES NO SENSE,’ BILLIONAIRE OIL REFINER WARNS THINGS WILL GET WORSE – INDEED, BECAUSE GEOPOLITICS IS PUT AHEAD OF ECONOMIES & HUMAN WELL-BEING – NOTHING THEY DO IS SINCERE, EVERYTHING IS WEAPONISED TO GRAB SOME GAIN, SUPPRESS THEIR RIVALS
Business, Politics | June 7, 2022 9:59 am by | 0 Comments
Billionaire oil refiner warns Biden to ‘open up the spigots’ or things ‘will get worse’
John Catsimatidis argued that crude oil prices would drop by half if Biden turned to North American oil vs Saudi Arabia
John Catsimatidis, United Refining Company and Gristedes Foods CEO, weighs in as gas prices reach a new all-time high and emphasizes the impact these costs will have on the retail industry.
New York City billionaire and oil refiner John Catsimatidis said President Biden should “open up the spigots” as Americans feel the wrath of soaring costs at the pump and in the food store.
Reacting to the national average price of a gallon of gas reaching a new all-time high of $4.86, Catsimatidis told FOX Business’ Dagen McDowell that “it will get worse” and lamented that neither the exacerbation nor an economic recession has to happen, but leaders refuse to change course.
Catsimatidis cited President Biden’s “obsession” with not “turning on North American oil spigots” as a leading culprit behind high energy costs and criticized him for seeking oil from Saudi Arabia instead of drilling domestically.
“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.
“[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.
RELATED STORIES: Gas prices reach new all-time high, NYC billionaire offers dismal message: ‘It will get worse’
DEMOCRATS ARE ‘KILLING AMERICA’: PERRY
BIDEN BLASTED OVER BABY FORMULA CRISIS
John Catsimatidis slammed President Biden over his behavior toward energy independence amid record-high gas prices. (Photo by Justin Sullivan/Getty Images / Getty Images)
PROMOTED CONTENT
Catsimatidis went on to say he disagrees with the push to raise federal interest rates, arguing that instead of bringing down the price of oil and controlling recession, the real estate industry and “everything else in America” would be wiped out as a result.
He is “begging” Democratic senators to put a stop to it.
“Somebody’s on the path to destruct America, and somebody’s got to say ‘guys, enough is enough,'” he stressed, adding “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.”
Biden blasted for continuing to shift blame, refusing to take responsibility for crises
Biden spent another weekend in DelawarePresident Biden continues to be lambasted for refusing to take even partial responsibility for multiple mounting crises, as gas prices crossed the $5 per gallon mark in many states amid unending inflation.
Over the weekend, Transportation Secretary Pete Buttigieg rebuffed claims the administration could substantively act to bring Americans some relief, remarking that there isn’t a “dial in the Oval Office” to adjust gas prices. Instead, he criticized oil executives.
On “The Five,” co-host Jesse Watters said it is incredulous to see Biden continue to claim he cannot do much to help assuage the current situation.
“You can’t tell the American people there’s nothing you can do if you’re the leader of the free world. We gave you the House, the Senate… the White House,” he said. “We gave you a recovering economy. And now all of a sudden, there’s nothing you can do. Come on. No one understands that.”
Watters added that while Biden and his cabinet continue to cite purported inability to fix the crises, they simultaneously claim they can “lower the world’s temperature” by transforming the U.S. into reliance on green energy.
On inflation, Watters said Biden had the chance to relieve Federal Reserve Chairman Jerome Powell of his duties when his term recently expired but chose to retain the Trump appointee.
“The guy choked on inflation,” he said of Powell. “It’s like hiring a drunk pilot – He’s already lost control of the plane. You think he’s going to stick the landing at this point?”
Biden’s Rehoboth Beach house (Fox News Digital)
Biden’s latest four-day weekend in Rehoboth Beach, Del., plus reports of complaints he has not been able to hold more public events, only reinforces his negative public perception, the panel discussed.
In addition, MSNBC host Jonathan Lemire claimed White House “morale… is plummeting” over fears regarding repeated comparisons between Biden and Jimmy Carter, who governed during a notoriously disastrous period for the U.S. economy.
Transportation Secretary Pete Buttigieg has faced criticism for alleged inaction in Biden’s crises. (Drew Angerer/Getty)
Of Joe Biden’s repeated trips to Rehoboth as the elections approach, Watters remarked, “Delaware is not a swing state.”
The last Republicans to hold congressional office there were Rep. Mike Castle and Sen. William V. Roth Jr. — namesake of the Roth IRA – more than a decade ago.
FOX NEWS
.
