Grocery prices could soon drop as energy prices improve, predicts John Catsimatidis, Chairman and CEO of United Refining Company and Red Apple Group. Speaking on "Mornings with Maria," Catsimatidis, who also owns New York City supermarket chains Gristedes and D'Agostino, announced that egg prices have already fallen significantly. He expects food prices to follow suit over the next three months. His chains have already started lowering prices, offering relief to consumers feeling the squeeze of inflation.
The billionaire energy magnate also forecasted significant changes in the oil market. According to Catsimatidis, oil prices could drop to $55 to $65 per barrel in the next three to six months. He credits potential political shifts in Canada and the United States for this optimistic outlook. If Canada elects a conservative government, Catsimatidis believes it will prioritize energy pipeline deals with President Donald Trump, which could reinvigorate the energy sector.
Transitioning to the broader energy landscape, Catsimatidis emphasized the importance of strong energy policies. He highlighted a previous conversation between President Donald Trump and Lee Zeldin, where the President urged steps to secure affordable, reliable energy for North America. Catsimatidis remarked, “If Canada’s government aligns with President Trump’s vision, gas and oil pipeline projects could finally move forward, benefiting both countries.”
Additionally, Catsimatidis linked falling energy prices to lower costs across industries. He explained that when oil and diesel prices drop, transportation and factory costs decline. This, in turn, reduces expenses for supermarkets, directly benefiting consumers. “Oil prices go down. Diesel prices go down. Then the factories, transportation, and supermarkets. All their costs are coming down,” he stated.
Looking ahead, Catsimatidis remains confident that lower energy costs will stabilize consumer prices. He believes the current political landscape could play a pivotal role in shaping economic trends. With the possibility of new conservative leadership in Canada and President Trump’s continued influence in the U.S., Catsimatidis sees a unique opportunity for energy initiatives that could benefit both nations.
What are your thoughts on Catsimatidis' predictions? Do you believe political shifts can lead to lower prices and greater energy security? Share your perspective in the comments below.
