Just days after President Bided announced his plans to visit Saudi Arabia, New York City’s billionaire and oil refiner John Catsimatidis said, “President Biden ought to ‘open up the spigots’ as Americans experience the wrath of skyrocketing costs at the pump and in the food stores.”
John Catsimatidis contended that unrefined oil costs would drop significantly, assuming Biden went with North American oil versus Saudi Arabia.
Responding to the typical public cost of a gallon of gas arriving at another unsurpassed high of $4.86, Catsimatidis told FOX Business’ Dagen McDowell that it will deteriorate and lamented that neither the fuel nor a financial downturn needs to occur, however pioneers won’t take a different path.
Catsimatidis referred to President Biden’s fixation with not turning to North American oil spigots as the main guilty party behind high energy costs and scrutinized him for looking for oil from Saudi Arabia as opposed to penetrating locally.
“We have 100 years of oil. Allow them to open up the spigots. The cost of raw oil will return to $55, $60, perhaps $65 – half,” Catsimatidis said on “Mornings with Maria” Monday.
“Biden needs to travel to Saudi Arabia and ask the Saudi Arabians to give us one more portion of 1,000,000 barrels a day at $120 a barrel… It makes no sense,” he added.
Catsimatidis said he contradicts the push to raise federal interest rates, contending that instead of cutting down the cost of oil and controlling the downturn, the real estate industry and all the other things in America would be cleared out accordingly.
He is asking Democratic representatives to end it.
“Someone’s on the way to destroy America, and someone must say, ‘folks, that’s the last straw,’” he stated, adding, “You know what the expense has been to the American nation in light of the rising gas costs – the expense of the rising food costs – it will go much higher with $120 oil.”
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