Fox news contributor makes disturbing observation which raises a question about Food and gas being destroyed .
On 19th July 2022 there was an interesting report on #FoxBusiness. United Refining Company and Gristedes CEO John Catsimatidis says peak food prices will arrive in September this year.
The Federal reserve is expected to raise interest rates by a full 1% at the end of July 2022. Castmatidis noted that there is a 90 day between oil prices rises through to food price rises .He therefore expects food prices to peak in September 2022. There is a 30 day lad between price rises in crude oil and price rises seen at the gas (petrol) stations.
Mr Castimatidis said that the US administration should delay interest rate rises for up to 90 days. This would help to avoid destroying the real estate and other industries in the USA. It would also provide a confidence boost to the oil industry which would bring prices down, and then food prices would stabilise and inflation would not go out of hand . He criticised President Biden's visit to Saudi Arabia in which Biden had asked the Saudis to produce more oil. Biden should have asked Texas, Alaska and Canada for more oil rather than the Saudis he said.
Readers might recall that Biden hamstrung his own oil industry right from the start with policies such as the refusal to permit development of the Keystone pipeline project.
Food
Mr Castimatidis said that there would be supply problems for some food items (he does not specify which ones). He says that about 20 of the major food factories in the USA have burned down in the last 18months. No one seems to be investagating the question of whether this is Food and gas being destroyed deliberately? Tucker Carlson of Fox News ran an item on it . However this has been denied by the US National Fire Protection Association.
1. General Mills Georgia plane crash
2. April 14th Idaho food factory
Readers might also recall that on June 8th 2022, there was an expolsion and fire at the Freeport Liquid natural gas (LNG) liquefaction plant on Quintana Island, Texas