Billionaire Gristedes CEO calls for White House to 'stop the war on North America'
Gas prices jumped 58.1% in November compared to the year before: CPI
John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, called for the White House to "stop the war on North America" amid rising inflation on food and gas.
Catsimatidis, who is also the CEO of United Refining, made the comment on President Biden’s energy policies on "Cavuto: Coast to Coast" Wednesday.
Biden revoked the permit for the Keystone XL oil pipeline project on his first day in office last year in a series of orders aimed at combating climate change, ending a project that was expected to employ more than 11,000 Americans this year.
The president also temporarily suspended the issuance of oil and gas permits on federal lands and waters.
The consumer price index rose 6.8% in November from a year ago, according to a Labor Department report, marking the fastest increase since June 1982, when inflation hit 7.1%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rent – jumped 0.8% in the one-month period from October.
Price increases were widespread, with energy prices jumping 3.5% in November, up 33.3% year over a year. Gasoline is a stunning 58.1% higher than it was a year ago.
On Wednesday, oil inched higher by 1% nearing $78 per barrel. The national average for a gallon of gas was $3.29, slightly higher from the day before and $1.03 higher than the same time last year, according to AAA.
Catsimatidis called on the White House to allow Canada and Alaska "to turn their spigots on," arguing that if that happens "crude oil will go down $20 a barrel, and we can solve most of our inflation problems."
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He argued that if that doesn’t happen, inflation will continue to rise through the summer.
Catsimatidis predicted oil could hit $90 a barrel in 2022 and warned if the Biden administration’s energy policies don’t change, the price could reach $100 a barrel by the summer.
The billionaire also weighed in on rising food prices, arguing that prices will continue to rise as manufacturers have been raising prices to account for higher costs.
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"We saw our Christmas pricing going up at least 10%," Catsimatidis told host Neil Cavuto.
"We are seeing a lot of manufacturers raising prices for the month of February and March," he noted, warning that "the rise continues."
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FOX Business’ Megan Henney contributed to this report.