Billionaire CEO warns of food shortages as Biden's policies 'hurt the American people'
US will see peak food prices in September of this year, John Catsimatidis predicts
John Catsimatidis predicts food, product shortages as rates rise
United Refining Company and Gristedes CEO John Catsimatidis says peak food prices will arrive in September this year.
After BlackRock CEO Larry Fink warned Americans should be more concerned with food prices than oil prices, United Refining Company and Gristedes CEO John Catsimatidis voiced similar concerns Tuesday on "Mornings with Maria."
"You need optimism from the White House point of view to the American people, because everything that's been done lately has hurt the American people and helped the rest of the world," Catsimatidis told FOX Business’ Jackie DeAngelis. "There is a problem in food prices that could happen as interest rates go up, as there will be shortages of certain products."
The CEO’s comments come just days after Fink cautioned rising food prices could have serious geopolitical consequences, and U.S. inflation hit a new four-decade high soaring to 9.1% June.
Even though gas prices nationwide have dropped more than 52 cents since reaching a record high on June 14, Catsimatidis warned inflation’s worst is yet to come.
SKYROCKETING INFLATION FORCES SHOPPERS TO WORK OVERTIME AND CHANGE DIETS AS PRICES SOAR
John Catsimatidis warns of food shortages as prices are expected to "peak out" in September on "Mornings with Maria" Tuesday, July 19, 2022. (Getty Images)
"Food prices will peak out. We'll reach peak prices in September because there's a lag between oil and food prices as they go up," the billionaire businessman explained. "There's always a maybe 90-day lag in food, a 30-day lag in prices at the gas station from crude oil."
Providing some optimism, Catsimatidis argued the Biden administration and Federal Reserve can still prevent the U.S. from entering a recession.
"My opinion is they should delay increasing interest rates before they destroy the real estate industry and other industries in the United States with high interest rates," the CEO said while noting the Fed should avoid raising rates for another 30 to 90 days.
Billionaire CEO criticizes Biden’s ‘very sad’ trip to Saudi Arabia
United Refining Company and Gristedes CEO John Catsimatidis says Biden would’ve gotten better oil results in Texas, Alaska or Canada.
"Then food prices will stabilize so the rate of inflation will not go out of hand," he added.
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The CEO also ripped Biden’s "very sad" trip to Saudi Arabia, disputing that lower gas prices are an unlikely result of the meeting.
"My criticism about President Biden is he should have went to Texas, he should have went to Alaska, he should have went to Canada," Catsimatidis said. "He would have gotten more results in oil than he did in Saudi Arabia."