ith gas prices at record highs, billionaire John Catsimatidis, CEO of United Refining Co., said Americans should brace themselves for the prospect of shortages and rationing, particularly for diesel.

“I wouldn’t be surprised to see diesel being rationed on the East Coast this summer,” Catsimatidis told Bloomberg. “Right now, inventories are low and we may see a shortage in coming months.”

According to AAA, diesel and regular unleaded set new records on Thursday, with the former at $5.56 a gallon and the latter at $4.42 a gallon.