John Catsimatidis, CEO of supermarket chain Gristedes and chairman of the Pennsylvania-based oil company, the United Refining Company, warned that the Federal Reserve's choice to hike interest rates even further amid high inflation and soaring energy costs could trigger a recession. (Related: Collapse incoming: Fed to raise interest rates more than the market initially anticipated.)
Catsimatidis said raising federal interest rates would not control inflation or bring down prices. Instead, it could wipe out the real estate industry and "everything else in America."
The billionaire businessman, during an appearance on Fox Business, called for Democratic senators to pressure the Fed into dropping its plans.
During his Fox News appearance, Catsimatidis also called on the president to "open up the spigots" and ramp up oil and gas production. The oil refiner was reacting to the national average price of a gallon of gas reaching an all-time high of $4.86 and inching its way closer to breaching the $5 mark.
Catsimatidis remarked that Biden's "obsession" with not "turning on North American oil spigots" is one of the leading causes behind high energy costs. He further criticized the Biden administration's decision to rely on other countries like Saudi Arabia for oil instead of drilling domestically.
"We have 100 years' worth of oil. Let them open up the spigots and the price of crude oil will come back down to $55, $60, maybe $65 – half," he said.
But instead of doing this, Biden "wants to fly to Saudi Arabia and beg the Saudi Arabians to give us another half a million barrels at $120 a barrel," said Catsimatidis. "It makes no sense."
"Somebody's on the path to destruct America, and somebody's got to say 'guys, enough is enough,'" said Catsimatidis. "You know what the cost has been to the American people because of the rising gas prices – the cost of the rising food prices – it's going to go even higher with $120 oil."
White House officials have claimed that there is little the administration can really do to alleviate the high costs at the pump. They have also tried to deflect blame for the high prices to the conflict in Ukraine.
"You know, this is, in large part, caused by [Russian aggression]," said Commerce Secretary Gina Raimondo. "Gas prices have gone up over $1.40 a gallon [since the invasion] and the president is asking for Congress and others for potential ideas." Raimondo added that prices will not go down until the conflict ends.
"What we need to do is get [Moscow] to end this war," added Raimondo. "And that is also something that we are working as hard as we can to do… The president is thinking about this every day and pushing his team and Congress to come up with any idea possible because we're deeply aware of how this is hurting American families."
Even if Biden were to let oil companies drill for more oil, Republicans have noted that the president's executive orders have driven up the costs of oil drilling to the point that it would not be profitable for many oil companies to continue doing business.
Catsimatidis said the price of gas will no doubt get worse and lamented the fact that neither the worsening inflation nor an economic recession had to happen if only America's leaders were willing to listen to reason and change course.
Collapse.news has more stories about the dismal state of America's economy.
Watch this episode of the "Health Ranger Report" as Mike Adams, the Health Ranger, reacts to a treasury official admitting that the current inflation crisis is not transitory.