United Refining Company and Gristedes CEO John Catsimatidis stressed the need for North America to be self-sufficient as it pertains to oil.
The food index climbed 1.1% in July, putting the 12-month increase at 10.9%, the highest since May 1979. Consumers paid more for items like cereal, chicken, milk and fresh vegetables.
On Wednesday afternoon, U.S. West Texas Intermediate crude was trading lower at around $90.08 per barrel, while Brent, the global benchmark, was trading down at $96.59."Right now between Canada and the United States, we’re probably producing 16 million barrels a day. We could probably go to close to 18 or 20 billion barrels a day," Catsimatidis said. "That would make North America self-sufficient.
"A price cap on Russian oil will both deny Putin money for his war machine and put downward pressure on the high oil costs caused by Russia’s unprovoked war against Ukraine," a"We continue to have productive discussions with the G7 and other allies and partners, who share a common interest in helping consumers by preventing further disruptions to the global supply of oil and reducing revenue to the Kremlin," the spokesperson added.
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