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‘I’m Disappointed In Janet Yellen’: This Billionaire Blasted Biden’s Treasury Secretary For Ignoring Reality

via Forbes
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U.S. Treasury Secretary Janet Yellen downplayed the impact of Middle East conflicts on the U.S. economy, a view disputed by billionaire John Catsimatidis, who criticized rising oil prices and their influence.

He also criticized the Biden administration’s energy policies.

Despite concerns about oil prices, the U.S. economy showed robust growth in Q4 of 2023, with real GDP exceeding expectations and strong job market performance.

“I am disappointed in Janet Yellen, how stupid she could be?” he said.

“Last time I was here with you guys, oil was $69 a barrel. We’re on our way towards election year, and what do the OPEC nations do? They stir the pot and they create the problem,” he said. “And oil now is $76, $77 a barrel.”

“For every $1 that oil goes up — we burn 100 million barrels a day in the world, and I think half of it is Russia and OPEC and those nations — well, that’s another $100 million a day, or $50 million.”

“[Oil was] at $50, $55 a barrel when President Trump left. And don’t forget the Iranians were drilling 400,000 barrels a day at $50, $55 a barrel — chump change,” he said.

“President Biden has allowed them to go to four million barrels a day and we made them zillionaires and we gave them enough money through our world money, making our people in North America poor, the poor people poorer, the middle class poorer. We gave them a lot of money.”

Inflation has subsided, but prices for essentials remain high.

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