Oil analyst warns recession is 'foregone conclusion' as Americans see ‘egregious spikes’ in energy, food costs
US is going into a 'recession,' Stephen Schork stressed
Oil analyst: Americans seeing ‘egregious spikes’ in energy, food costs
The Schork Group principal Stephen Schork warns that Americans will go into a ‘recession.’
The Schork Group principal Stephen Schork ripped President Biden’s economic policies and issued a warning that Americans are seeing "egregious spikes" in energy and food costs.
"It's a race," Schork told "Varney & Co.," Thursday. "Do we get to $6 before we hit the severe economic downturn? Because we are going into recession if we're not already here."
The oil analyst’s comments come on the heels of the White House shifting blame for rising fuel prices from Russian President Vladimir Putin to Big Oil companies.
White House Secretary Press Secretary Karine Jean-Pierre called on Big Oil companies to "do the right thing" during a Wednesday press conference.
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Oil analyst rips Biden on blaming Big Oil for rising fuel prices
The Schork Group principal Stephen Schork provides insight into who’s to blame for record-high gas prices amid soaring inflation.
"[Big Oil companies should] …be patriots here and not to use the war as an excuse, or as a reason to not put out a production, to not do the capacity that is needed out there, so that the prices can come down," Jean-Pierre said.
Schork retorted, Thursday, arguing that oil companies "are not gouging" and that the Biden administration is the one to blame for record-high gas prices.
"[The] president the other day singled out Exxon for its egregious $5.5 billion profit that it reported in the first quarter. The company also paid $2.8 billion in taxes…I think that's pretty patriotic," he remarked.
On Thursday, the national average of one gallon of gas was exactly $5.00, according to AAA. Last year it was priced at $3.07 -- $1.93 less, as Americans continue to see skyrocketing prices at the pump.
The Schork Group principal Stephen Schork told FOX Business that Americans are seeing ‘egregious spikes’ in energy and food costs. (iStock / iStock)
Meanwhile, the Federal Reserve on Wednesday raised rates by 75-basis points for the first time in nearly three decades to tackle red-hot inflation.
Chairman Jerome Powell spoke at the Fed’s post-meeting press conference in Washington and told reports that policymakers may consider another 75-basis point increase in July.
"Clearly, today’s 75-basis-point increase is an unusually large one, and I do not expect moves of this size to be common," Powell said. "From the perspective of today, either a 50-basis-point or a 75-basis-point increase seems most likely at our next meeting."
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The oil analyst weighed in on the direction he believes that the U.S. economy is going in.
"Recession is a forgone conclusion," Schork forecasted.
FOX Business' Megan Henney contributed to this report.