With oil prices rallying in recent weeks, it looks like we are going to see $100 a barrel oil, John Catsimatidis, who is active in both the oil and food business, told FOX Business on Monday.

“With oil nearly at $84 this morning, we are going to see $100 oil, it looks like, there’s no sign of it stopping,” said Catsimatidis, who is chief executive of United Refining Company, and president and CEO of Gristedes, D’Agostino Foods, and the Red Apple Group.

“Food prices are going up tremendously,” Catsimatidis told FOX Business.

Food prices are going up very fast because nobody wants to be behind the curve, and everyone is raising prices, the executive said.

Catsimatidis expects prices to rise by 10 percent in the next 60 days, inflation not to go away any time soon, and supply-chain issues to likely persist through the middle of 2022.

The billionaire U.S. businessman with interests in the oil and food business, among others, is not alone in his forecast that oil prices could hit $100 per barrel.

Oil could hit $100 in case of a colder winter, some analysts and investment banks have said in recent weeks. Record-high natural gas prices are forcing some utilities to switch to oil derivatives instead, boosting demand for crude…read more.