New York Billionaire Says Biden Could Avoid Recession With One Key Policy Shift

New York billionaire and refiner John Catsimatidis said that if the Biden administration reversed its hostile attitude toward oil and fossil fuels, America could “100 per cent” avoid falling into a recession and inflation would ease.​

Catsimatidis made the remarks recently in an interview on The Epoch Times’ sister media NTD, in which he expressed concern about the ability of the Biden administration to shepherd the country through various economic, environmental, and geopolitical crises.

Catsimatidis, the United Refining Company CEO said that the Biden administration attitude to fossil fuels is a key factor that threatens to push America deeper into recession.

Catsimatidis commented, “Right now, Washington and the White House have made their mind up that the world will better off without fossil fuels, and I believe Biden is 100% wrong.”

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Catsimatidis believes, and if the truth were known, probably most Americans believe, that boosting U.S. domestic oil production would help solve a number of problems, including soaring inflation aggressive rate hikes hammering the economy, by lowering energy prices.

Catsimatidis also believes lower oil prices would thin Russian President Vladimir Putin’s war chest and take some of the steam out of the Russia-Ukraine conflict.

“Right now, Putin at $100 a barrel is probably making a billion dollars a day, so he wins,” Catsimatidis said.​

The problem was created when Biden “became president and shut down the pipelines and made fossil fuels the enemy of the people,” Catsimatidis continued.

“We don’t have to beg Venezuela or Iran or Saudi Arabia, and we can actually make enough to export to Europe,” he proclaimed.

“I think the people of Europe, the people of Asia, the people of the United States and North Americans are all going to suffer because of some of the stupid things our politicians are doing,” he added.

Catsimatidis acknowledged the problem of climate change, but said, “It’s a long-term process, and trying to address it with short-term fixes like cutting fossil fuel use is very stupid.”
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