Oil prices will hit $100 a barrel 'before you blink your eyes,' United Refining billionaire argues
NYC supermarket chain Gristedes CEO John Catsimatidis also weighs in on rising food prices
John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, who is also in the oil industry, argued on Friday that oil will hit $100 a barrel "before you blink your eyes."
Catsimatidis, who is also the CEO of United Refining, told "Mornings with Maria" that China, Russia and OPEC "wins" and America "loses."
West Texas Intermediate crude oil jumped 66 cents to $79.47 a barrel on Friday.
On Friday, the national average price for gas was $3.42, which is $1.30 more than the same time last year, according to AAA, which noted that an "increase in demand has contributed to price increases, while elevated crude prices continue to put upward market pressure on pump prices."
Catsimatidis stressed on Friday that the price of oil is "headed up."
"The other day, OPEC told President Biden that no way are we raising our output," Catsimatidis told host Maria Bartiromo. "Why sell it at $80 a barrel when they’re going to get $100 a barrel three, four months from now?"
WHITE HOUSE SNUBBED BY OPEC, EXPLORING OPTIONS
OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels a day from December, despite calls from the U.S. to produce more in an effort to curb rising prices, Reuters reported.
"It’s very sad what’s going on," he stressed. "We are selling ourselves to Russia, to OPEC, to China."
Last month, while speaking with FOX Business’ Neil Cavuto, Catsimatidis warned that higher prices for things like food and gas will stick around "at least until mid-2022."
It was revealed in October that U.S. consumer prices in September accelerated at their fastest annual pace in 13 years.
PRICES SURGE BY MOST IN 13 YEARS AS ENERGY BILLS SPIKE
The Consumer Price Index rose 5.4% year over year in September, according to the Labor Department, matching the July reading for the hottest print since 2008. Prices increased 0.4% month over month.
Food prices jumped 0.9% last month and are now up 4.6% annually, according to the index. The price for meats, poultry, fish and eggs soared 10.5% this year. Fruits and vegetables rose by 3%.
Catsimatidis noted that companies are faced with higher input costs and that leads to higher prices at the grocery store.
Americans are also dealing with soaring costs for energy, which climbed 1.3% in September and is now up 24.8% over the past year, according to the Consumer Price Index.
Catsimatidis argued that the higher prices Americans are seeing for gas "started the first week Biden was in office and he kills the pipeline."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
In a series of orders aimed at combating climate change, President Biden temporarily suspended the issuance of oil and gas permits on federal lands and waters and canceled the Keystone XL oil pipeline project.
"Prices continue to go up," Catsimatidis told Bartiromo on Friday. "We’re having price increases a lot for November, a lot for December, a lot for the first quarter."
"The prices are going up because the cost of doing business is going up and labor-wise and gasoline-wise and trucking-wise," he continued.
CLICK HERE TO READ MORE ON FOX BUSINESS
FOX Business’ Jonathan Garber contributed to this report.