United Refining Company CEO John Catsimatidis explains why Russia and OPEC nations want to push oil to $100 a barrel on ‘Varney & Co.’
United Refining Company CEO John Catsimatidis argued Friday that OPEC nations and Russia are pushing oil prices to go higher, telling “Varney & Co.” if oil hits $100 per barrel Russia will make $100 billion a day.
JOHN CATSIMATIDIS: There is a struggle. The OPEC nations, Russia, they want to do things to make them [oil prices] rise, they want $100 dollars a barrel. At $100 a barrel, Russia makes a billion dollars a day. They [Russia] hire their own army, they’re not necessarily using their armies they’re hiring the Wagner Group. With a billion dollars a day coming in money is no object. We made OPEC zillionaires. There’s a struggle between common sense and the people that want to glom the money, they want to glom the money. So there’s a struggle between the two forces.
BILLIONAIRE OIL REFINER WARNS BIDEN TO ‘OPEN THE SPIGOTS’ OR THINGS ‘WILL GET WORSE’
I predicted $75 a barrel three months ago and we almost $76 the other day. There is a struggle. There is a war between common sense and where it’s supposed to go and the oil-producing country. It depends on if there’s a war, but I think you’re going to see oil hover between $75 and $85 [per barrel].
WATCH FULL INTERVIEW HERE:
United Refining Company CEO John Catsimatidis tells ‘Varney & Co.’ there is a struggle between common sense oil prices and where oil producing nations are pushing fuel costs.
