economy
March 8, 2026
Billionaire, Gas Station Owner, and Trump Friend Has a Message for the World: 'Hold on for Another Month'
Katsimatidis said that the price of oil could reach $100 'in the next few days.'
TL;DR
- John Katsimatidis, a billionaire and owner of United Refining Company, calls current fuel price increases 'temporary volatility'.
- He urges consumers to 'hold on for a month' as he expects the conflict to be resolved within 30 days.
- Katsimatidis predicts oil prices may reach $100 temporarily but will fall quickly once the Strait of Hormuz reopens.
- He believes international oil companies may exploit the panic to increase profits, but states his company does not.
- Katsimatidis, a close friend and political ally of President Trump, stated he has not discussed fuel prices with the president.
- Fuel prices have risen, exceeding $3.32 per gallon, and oil prices reached $90 per barrel, with warnings of potential increases to $150.
- Katsimatidis's net worth is estimated at $4.8 billion.
- United Refining Company owns a refinery in Warren, PA, processing 70,000 barrels of crude oil daily, and supplies 400 gas stations.
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