Biden ripped for buying Russian oil: 'We are being conned,' billionaire oil and supermarket CEO says
Oil prices bounce on supply concerns following Russia's invasion of Ukraine
Biden is still buying crude oil from Putin, US is being ‘conned’: John Catsimatidis
Red Apple Group Chairman and CEO John Catsimatidis argues that Biden releasing oil from reserves is the ‘dumbest thing’ he’s ever heard.
John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, who is also in the oil industry, reacted to U.S. President Biden continuing to buy oil from Russian President Vladimir Putin.
Catsimatidis, who is also the CEO of United Refining, told "Cavuto: Coast to Coast," Friday that America is "being conned," and "lied to."
"We are still buying crude oil from Putin. We are wiring him money every day from the United States and payment for crude oil going into Boston Harbor. You know, we are being lied to. We are being conned."
OIL PRICES BOUNCE ON SUPPLY CONCERNS FOLLOWING INVASION OF UKRAINE
President Biden said Thursday that the U.S. is working with other countries on a coordinated oil release from the global petroleum reserve in the coming days in a bid to reduce rising gasoline prices.
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"That is the dumbest thing I ever heard," Catsimatidis said in response.
"If you release 50 million gallons, what is that going to do?" he continued. "The United States burns up a hell of a lot more every day. The answer is… you open up Alaska. You open up Canada… and then it's free-flowing."
Meanwhile, U.S. stocks traded higher Friday afternoon in wake of reports that Russia was open to discussions with Ukrainian officials.
The Dow Jones Industrial Average rose over 800 points, while the S&P 500 also notched a gain of 1.9% and the Nasdaq Composite a little over 1.2%.
Oil prices bounced between gains and losses as Russia's invasion of Ukraine raised concerns about global supply. U.S. West Texas Intermediate (WTI) traded between $91 and $92 per barrel, while global benchmark Brent crude hovered around $99 a barrel.
DOW JUMPS 700 POINTS AS RUSSIA UKRAINE FEARS EASE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 37986.4 | +211.02 | +0.56% |
| SP500 | S&P 500 | 4967.23 | -43.89 | -0.88% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15282.009722 | -319.49 | -2.05% |
The billionaire CEO went on to say that European countries, like Germany, Turkey and France will not "go against" Putin as the Russia-Ukraine crisis unfolds.
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"The reason the market is up 800 points is they don't believe Putin wants war," Catsimatidis argued.
An oil treatment plant in the Yarakta Oil Field. REUTERS/Vasily Fedosenko (REUTERS/Vasily Fedosenko / Reuters Photos)
"He [Putin] just wants neutrality… He wants Ukraine to say, we're not going to become main members of NATO... I believe he will withdraw… interest rates are back up again because we don't see long-term war," he continued.