• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 8 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 10 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 8 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

Oil Billionaire: There’s Only One Fix For Inflation

  • Oil billionaire and refiner John Catsmisatidis is speaking out against Biden’s handling of the gasoline price crisis.
  • Catsmisatidis argues that there is only one way to solve inflation, boosting production of crude oil.
  • Catsimatidis said it’s “ridiculous to put it on us. We’re not the ones that created the problem.”

New York billionaire and refiner John Catsimatidis, who owns hundreds of gas stations, blasted President Joe Biden’s pinning the blame on high prices at the pump on gas station owners, arguing there’s only one solution for inflation - boosting production of crude. Catsimatidis made the remarks in an interview on Fox News on June 24, after being asked to comment on Biden’s call to gas station owners to “bring down the price you are charging at the pump to reflect the cost you are paying for the product.”

“Do it now. Do it today. Your customers, the American people, they need relief now,” Biden said at a White House press conference on June 23, in which the president called for a federal gas tax holiday, urged oil companies to use their profits to boost refining capacity, and leaned on gas station owners to pass along lower crude oil prices by lowering prices at the pump.

‘Ridiculous to Put It on Us’

Catsimatidis reacted to Biden’s remarks by defending gas station owners, arguing that they’ve been “making the same margin that we’ve been making forever” as they have to cover payroll and pay rent, electricity bills, and other operating expenses.

While the margin gas station owners make fluctuates several cents one way or the other, Catsimatidis said it’s “ridiculous to put it on us. We’re not the ones that created the problem.”

The price of gasoline has nearly doubled since Biden took office, with the president variously blaming oil industry greed, a lack of refining capacity, global supply shortfalls set against a sharp post-pandemic rebound in demand, and the war in Ukraine.

Some experts and industry insiders have argued that the Biden administration’s anti-fossil fuel policies have discouraged companies from investing in refining capacity.

“It’s not the war in Ukraine. It’s really domestically caused constraint on the supply side,” said Ross McKitrick, a professor of economics at the University of Guelph in Ontario and expert on energy and environmental policy, in a recent interview with The Epoch Times.

“Nobody’s willing to invest in expanding refinery capacity because the outlook from everything that the government has said is you won’t get the approvals,” he added.

Related: IEA: High Gas Prices Could Crush Demand Growth

McKitrick’s view was echoed by Chevron CEO Mike Wirth, who said in a recent interview that he does not believe another oil refinery will be built again in the United States, arguing that government policies are the key factor.

“We’ve seen refineries closed. We’ve seen units come down. We’ve seen refineries being repurposed to become bio refineries. And we live in a world where the policy, the stated policy of the U.S. government is to reduce demand for the products that refiners produce,” Wirth said.

For his part, Catsimatidis said in the interview on Fox that there’s only one fix for the current inflationary spike—a big part of which is due to soaring energy costs.

“We have 100 years’ worth of oil,” he said. “Open up the spigots.”

“If we open up the spigots and flooded the market with oil, with crude oil, American crude oil, we bring the price of oil back” and “inflation goes away,” Catsimatidis said.

By Zerohedge.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Dennis on July 05 2022 said:
    take off the 2.00 per gallon tax that will help
  • Ken Hyde on July 06 2022 said:
    “Open up the spigots.” In other words: "my advice, make me richer".

    So, why tell the government to 'Open up the spigots'? Today's oil production is lower than it was in September 2019. Clearly, some production is not coming out today, that existed in 2019. Bringing that back online doesn't require any new drilling. 75% of US oil reserves are on
    PRIVATE PROPERTY. And, many new wells drilled will not yield any new oil for over a year.
    The exception is shale oil, which could theoretically produce oil in a matter of months, in
    some locations.
  • Ron R on July 17 2022 said:
    Ask a surgeon how to cure cancer and they say cut it out. Ask an oil person how to solve the energy issues and he says pump more oil/gas. Nuclear should have been a big part of the picture. How could Europe buy and fund an enemy?

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News