Higher gas prices mean higher food, airline prices: United Refining Company CEO
United Refining Company Chairman and CEO John Catsimatidis provides insight into what rising gas prices mean for consumers.
Billionaire John Catsimatidis joined FOX Business’ "Mornings with Maria" and argued rising gas prices will impact many aspects of consumers’ lives.
AAA SAYS MEMORIAL DAY GAS PRICES EXPECTED TO HIT HIGHEST IN 7 YEARS
JOHN CATSIMATIDIS: When the price of gasoline goes up, everything delivered to the American public by truck or by any other way — it's going to go up. Food prices are going to go up, airline prices are going to go up. It's artificial. It's an increase in cost to the American consumer.
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That means when you raise taxes on companies, when you raise the cost of fuel on companies, of course, they're going to raise the prices to the consumer. So, you know, the politicians go around Washington and say, ‘Oh, we're going to tax the corporations, we're going to tax the oil companies, we're going to do this, we're going to do that’ — well, bottom line, the corporations are not stupid. They're going to raise their prices. And [when] they raise the prices, every poor American, every middle class American is gonna pay a higher price. So that's a hidden tax.
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It's an overall attack on America and the attack on the fossil fuel industry, on the oil business. America has 100 years' worth of oil. Why are we being pushed towards electric cars where 90% of the batteries are being made out of China? Why do we close down the Keystone Pipeline and then we approve the pipeline from Russia to Germany? America loses on both sides and China wins on the battery section and Russia and OPEC nations win on the oil section. The attack on the oil industry is causing crude oil to go from $50 to $66 dollars. And I predict it will go to $70 dollars in the near future.
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