Chairman and CEO of United Refining Company and Red Apple Group John Catsimatidis talks reciprocal tariffs, producing efficient energy domestically and New York City’s upcoming mayoral election.
Lower grocery prices could soon come to store shelves near you, the CEO of two New York City-based supermarket chains told FOX Business on Monday.
“Egg prices have come down substantially and food prices will start to come down over the next three months,” business magnate John Catsimatidis, owner and leader of the Gristedes and D’Agostino grocery store chains, predicted on “Mornings with Maria.”
His sunny forecast comes as both of his Manhattan-based chains have already begun lowering prices.
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A woman shops for groceries in Brooklyn, New York, on Sept. 15, 2023. (Paola Chapdelaine for The Washington Post via Getty Images / Getty Images)
The billionaire, also a prominent figure in the energy industry, believes oil prices could drop to $55 to $65 per barrel over the next three to six months.
If Canada elects a more conservative government in the country’s upcoming elections, a willingness to secure pipeline deals with President Donald Trump could also invigorate the sector, the United Refinery Company CEO added.
“The Conservative Party wants to make a deal with President Trump and do what’s fair for both sides. Gas pipelines? Absolutely… I predict that we’re going to be doing some oil pipelines, too, because it’s an opportunity,” said Catsimatidis.
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“If you have a conservative government in Canada, and you have President Trump in charge, with Lee Zeldin [as head of the] EPA… I was there when President Trump said to Lee Zeldin, ‘Make sure we do what we have to do to… have great energy prices and great energy for North America.’”
With sticker shock potentially lessening on fossil fuels, Catsimatidis believes lower prices on store shelves will “stick.”
“Oil prices go down. Diesel prices go down. Then the factories and the transportation. The supermarkets. Diesel prices [will be] going down. Their costs are coming down,” he noted.
