Food prices could rise another 15% by April, Gristedes owner warns

$7 gas could be here in weeks

American business mogul John Catsimatidis says if the current price of crude oil holds, gasoline will sell for $7 a gallon in just a few weeks.

NEW YORK - The billionaire owner of a New York grocery store chain warns that rising oil prices could mean another sharp rise in food costs.

John Catsimatdis is best known in New York as the owner of Gristedes, which has stores across Manhattan and Brooklyn but his company's main assets are in the oil industry.

"Bottom line, the prices you see right now in the supermarkets, the prices you see right now at the gas pump, those are prices from 45-60 days ago when a barrel of oil was $80," Catsimatdis says. "Right now it is $120+. If the $120 price maintains itself, what you are going to see is $6-$7 for gasoline by March and April. You're going to see 15% higher food prices by March or April."

Gas prices reach record high

He says the U.S. is producing 2 million barrels of oil less than before the pandemic began and we've made up for it by buying more from OPEC.

Catsimatdis says that U.S., Canada, and Mexico need to form their own oil alliance and cut their dependence on other regions.

He blames Biden administration policies for the country's energy woes, including canceling the Keystone pipeline project and blocking some new drilling permits.