As the supply shortage wipes grocery store shelves and inflation hits record highs, Gristedes Foods CEO John Catsimatidis tells “Cavuto: Coast to Coast” there are a few solves to rising prices – the most prominent being crude oil.
“If we turned on the gasoline and the crude oil from Canada and Alaska, I bet you crude oil would go down to $55, $60 a barrel in the next 60 to 90 days,” he said. “That will solve the inflation problem.”
Catsimatidis explained that the combination of Americans being unmotivated to return to work and oil reaching more than $80 a barrel, causing transportation cost to rise, is what’s causing the “crisis” in stores.
“If we get rid of omicron in the next 60 days and solve the problem of getting enough crude oil in our country, we could solve the problem in 60 to 90 days,” he said. “You just need smarter people in Washington.”
As omicron continues to sweep the nation, Catsimatidis warned that meat and egg shortages could continue for the next 30 to 60 days depending on location. However, he did encourage that the nation’s worker shortage — under pressure due to omicron — should improve within the next two months.
“As long as the government doesn’t say, ‘let’s pay everybody to stay home again!’” he said, ‘everything can fix itself.”