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Former oil exec predicts 'severe recession' given the commodity is used in 'every product in our life'
Oil will hit over $150 a barrel by summer: Former Cumberland Farms Gulf Oil Group CEO
Joe Petrowski warns a ‘severe recession’ should be expected in the coming months.
Joe Petrowski, former CEO of Cumberland Farms Gulf Oil Group, warned that a "severe recession" in the United States is imminent.
"I don’t think people understand how much oil goes into every product in our life, not only just in the shipping cost, but plastics and all sorts of derivative petrochemicals," Petrowski, who founded Mercantor Partners, a private equity group focused on downstream energy investments, told "Mornings with Maria" on Tuesday.