America Can ‘100 Percent’ Avoid Recession If Biden Makes One Key Policy Shift: Billionaire John Catsimatidis

New York billionaire and refiner John Catsimatidis said that if the Biden administration reversed its hostile attitude toward oil and fossil fuels, America could “100 percent” avoid falling into a recession and inflation would ease.

Catsimatidis made the remarks in a recent interview on The Epoch Times’ sister media NTD, in which he expressed concern about the ability of the Biden administration to shepherd the country through various economic, environmental, and geopolitical crises.

The United Refining Company CEO said that the Biden administration’s hostile attitude to fossil fuels is a key factor that threatens to push America deeper into recession.

“Right now, Washington and the White House have made their mind up that the world will be better off without fossil fuels,” he said. “I think [Biden is] 100 percent wrong.”

Catsimatidis believes that boosting U.S. domestic oil production would help solve a number of problems—including soaring inflation and aggressive rate hikes hammering the economy—by lowering energy prices.

He also believes lower oil prices would thin Russian President Vladimir Putin’s war chest and take some of the steam out of the Russia–Ukraine conflict.

“Right now, Putin at $100 a barrel is probably making a billion dollars a day, so he wins,” Catsimatidis said.

OPEC Production Cuts?

President Joe Biden has been pushing OPEC to boost production, with limited effect. Recent rumors, as reported by Reuters, indicate that the oil cartel may now be mulling an output cut of more than a million barrels a day.

“The OPEC ministers are not going to come to Austria for the first time in two years to do nothing. So there’s going to be a cut of some historic kind,” Dan Pickering, CIO of Pickering Energy Partners, told CNBC in an interview, referring to the oil cartel’s plans to meet in Austria on Oct. 5 for their

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