John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, warned that food inflation could rise by 20 percent this summer.
Gristedes and D'Agostino Foods Chairman and CEO John Catsimatidis discusses the impact of record-high oil prices on the overall economy.
"North America could probably do 50 million barrels a day, become energy independent. Why do we have to depend on OPEC? Why do we have to depend on Russia? Why do we have to depend on Venezuela and foreign sources?" he asked.
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