https://sputnikglobe.com/20220607/oil-refinery-ceo-warns-of-us-destruction-unless-biden-boosts-domestic-crude-output-1096095097.html
Oil Refinery CEO Warns of US’ 'Destruction' Unless Biden Boosts Domestic Crude Output
Oil Refinery CEO Warns of US’ 'Destruction' Unless Biden Boosts Domestic Crude Output
Sputnik International
US car owners have been hit by high fuel prices since the start of 2022 amid generalised inflation. Skyrocketing oil prices that prompted the hike have further... 07.06.2022, Sputnik International
2022-06-07T14:43+0000
2022-06-07T14:43+0000
2022-08-06T13:36+0000
us
oil
joe biden
inflation
https://cdn1.img.sputnikglobe.com/img/07e6/04/04/1094482814_0:98:2464:1484_1920x0_80_0_0_22aa77cc03eb20d7c9e073ac3b945a91.jpg
US billionaire and United Refining Company CEO John Catsimatidis has called on President Joe Biden to boost domestic oil production as soon as possible, warning that things might turn even worse for the economy in the near future.Catsimatidis lamented Biden's "obsession" against "turning on [US] oil spigots", calling it the main reason why fuel prices are hitting a new record of $4.86 per gallon.He went on to claim that neither economic recession nor the exacerbation of inflation are foregone conclusions for the US, alleging that all the government needs to do is to change course and take steps to bring down oil prices.At the same time, the US billionaire slammed Biden's plan to "beg" Saudi Arabia to boost its output by half a million barrels per day. According to the oil exec, the plan makes "no sense" since the kingdom's oil will still cost $120 a barrel and will thus not solve the US’ problems. He suggested that instead, POTUS should allow greater domestic drilling.The businessman also criticised the Fed's decision to up interest rates, urging the government to focus on controlling oil prices and the recession instead.Biden has blamed Russian President Vladimir Putin and his decision to launch the special military operation in Ukraine for sending international oil prices and US inflation rates skyrocketing, as well as prompting a threat of nascent electricity generation shortages in the US. Inflation rates started shooting up in the US in November 2021, well before the special military op.On Monday, Biden declared a national emergency over the threat of power generation shortages. The White House claimed that the shortages, which may lead to widespread power outs and even rationing, exist because of climate change and Putin's actions. POTUS proposed solving the problem by temporarily lifting duties on solar panel imports, but made no mention of increasing domestic energy output or replacing the oil and gas that the US has been importing from Russia until recently.Let's stay in touch no matter what! Follow our Telegram channel to get all the latest news: https://t.me/sputniknewsus
https://sputnikglobe.com/20220606/biden-declares-emergency-over-threat-of-power-generating-shortages-1096064627.html
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2022
Tim Korso
https://cdn1.img.sputnikglobe.com/img/07e6/03/0d/1093831826_0:0:216:216_100x100_80_0_0_e3f43a960af0c6c99f7eb8ccbf5f812c.jpg
Tim Korso
https://cdn1.img.sputnikglobe.com/img/07e6/03/0d/1093831826_0:0:216:216_100x100_80_0_0_e3f43a960af0c6c99f7eb8ccbf5f812c.jpg
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Tim Korso
https://cdn1.img.sputnikglobe.com/img/07e6/03/0d/1093831826_0:0:216:216_100x100_80_0_0_e3f43a960af0c6c99f7eb8ccbf5f812c.jpg
us, oil, joe biden, inflation
us, oil, joe biden, inflation
Oil Refinery CEO Warns of US’ 'Destruction' Unless Biden Boosts Domestic Crude Output
14:43 GMT 07.06.2022 (Updated: 13:36 GMT 06.08.2022) US car owners have been hit by high fuel prices since the start of 2022 amid generalised inflation. Skyrocketing oil prices that prompted the hike have further exacerbated inflation in food prices due to increased transport costs.
US billionaire and United Refining Company CEO John Catsimatidis has called on President Joe Biden to boost domestic oil production as soon as possible, warning that things might turn even worse for the economy in the near future.
Catsimatidis lamented Biden's "obsession" against "turning on [US] oil spigots", calling it the main reason why fuel prices are hitting a new record of $4.86 per gallon.
He went on to claim that neither economic recession nor the exacerbation of inflation are foregone conclusions for the US, alleging that all the government needs to do is to change course and take steps to bring down oil prices.
"We have 100 years’ worth of oil [in the US]. Let them [the government] open up the spigots and the price of crude oil will come back down to $55, $60, maybe $65 – half", he said. Currently, Brent crude is trading for around $120 per barrel.
At the same time, the US billionaire slammed Biden's plan to "beg" Saudi Arabia to boost its output by half a million barrels per day. According to the oil exec, the plan makes "no sense" since the kingdom's oil will still cost
$120 a barrel and will thus not solve the US’ problems. He suggested that instead, POTUS should allow greater domestic drilling.
The businessman also criticised the Fed's decision to up interest rates, urging the government to focus on controlling oil prices and the recession instead.
"Somebody's on the path to destruct America, and somebody's got to say 'guys, enough is enough'. 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.
Biden has blamed Russian President Vladimir Putin and his decision to launch the special military operation in Ukraine for sending international oil prices and US inflation rates skyrocketing, as well as prompting a threat of nascent electricity generation shortages in the US. Inflation rates started shooting up in the US in November 2021, well before the special military op.
On Monday, Biden declared a national emergency over the threat of power generation shortages. The White House claimed that the shortages, which may lead to widespread power outs and even rationing, exist because of climate change and Putin's actions. POTUS proposed solving the problem by temporarily lifting duties on solar panel imports, but made no mention of increasing domestic energy output or replacing the oil and gas that the US has been importing from Russia until recently.
Let's stay in touch no matter what! Follow our Telegram channel to get all the latest news: https://t.me/sputniknewsus 
