As one of the world’s biggest bankers issues a warning about soaring electric bills next year across Europe, one U.S. oil refiner and investor is signaling the energy crisis is coming Americans’ way.
"There's a game being played on our country. There's a game being played in Washington," John Catsimatidis, United Refining Company and Red Apple Group chairman and CEO, told FOX Business’ Dagen McDowell Wednesday. "There’s something rotten in Washington."
Catsimatidis’ comments on "Mornings with Maria" come one day after The Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, announced it's cutting global oil supplies and reversing September’s daily increase of 100,000 barrels.
And, amid Russia’s ongoing invasion of Ukraine, Goldman Sachs has predicted European household electric bills could soar by $2 trillion next year due to oil shortages.
The billionaire CEO noted that U.S. markets have already started to experience the energy crisis’ impact because of Democrat-backed policies.
"It's not good. We have some shortages coming on in the Northeast. There was [sic] shortages and an emergency in the Midwest when the BP refinery in Indiana went down for at least 10, 15 days. And in California, they're having rolling blackouts," Catsimatidis listed.
Putting the onus on the Biden administration and other Democratic leaders, Catsimatidis criticized the renewable energy push, saying "it’s just nuts" at a time like this.
"Our way of life is under attack, and it's horrible what's going on. The electric car problem is a joke. It cannot happen by 2030, 2035. It should be optional," the CEO said of California’s recently passed legislation. "We don't have the power system. We don't have the systems to do it."
The price of oil is dependent on Vladimir Putin’s actions, according to Catsimatidis, who predicted an average $75 per barrel price tag in 2023 "could happen."
"The Saudi Arabians, the Iranians, the Russians, they don't want it at $75 a barrel. They want it at $100 a barrel because they're making a ton of money," Catsimatidis explained. "So our country is being played, and they don't have any respect for this current White House."
November’s midterm elections are "crucial" for oil and energy reform, according to the CEO, who claimed a "balance of power" among Democrats and Republicans is needed on Capitol Hill, as well as oil industry regulations lifted.
"Washington, remember, they're trying to force [the economy] into a recession," Catsimatidis said. "I grew up in a way, when you have a problem, you fix the problem. You don't cause another problem."