JPMorgan CEO Calls Push to Stop Oil and Gas Production “Naive”

JPMorgan CEO Jamie Dimon calls all pushes to stop oil and gas extremely naive. In a new shareholder letter, the CEO says replacing coal with gas is the ideal way. New York City, New York Apr 9, 2024 – Jamie Dimon, the CEO of JPMorgan said American delays of the liquefied natural gas projects were done for political reasons. According to him, these reasons are there to appease those who believe oil and gas should be completely stopped. This is a position that the CEO calls “wrong” and “enormously naïve.” The head of JPMorgan Chase & Co. made these comments on Monday in his annual shareholder letter. In the letter, he touted replacing coal with natural gas and claimed it as one of the best ways to reduce carbon dioxide emissions for at least the next few decades. Dimon also called the LNG exports a “great economic boon” for the United States of America, as well as a “realpolitik goal.”
“Our allied nations that need secure and affordable energy resources, including critical nations like Japan, Korea, and most of our European allies, would like to be able to depend on the United States for energy,” the chairman and chief executive officer of JPMorgan Chase & Co. said in his letter. Trade is realpolitik, and the recent cancellation of future liquified natural gas projects is a good example of this fact,” Dimon argued. “The projects were delayed mainly for political reasons – to appease those who believe that gas is bad and that oil and gas projects should simply be stopped. This is not only wrong but also enormously naïve.”
Dimon’s devoted support for the US LNG exports came in the wake of the country’s President Joe Biden’s permitting freeze imposed in January. This new permitting freeze prevents any new approvals for pending projects. This is also preventative until the Energy Department of the country can further study the economic and environmental impacts of newly increased LNG exports. The strength of the United States of America’s domestic energy production is a “power advantage” for the entire nation. This creates cheaper and more trustable energy for both geopolitical and environmental advantages, Dimon further mentioned. The studies also no longer satisfactorily accounted for current potential energy cost increases or recent assessments of greenhouse gas emissions, the administration mentioned.
When asked about Dimon’s comments on Monday, White House Press Secretary Karine Jean-Pierre said that the country is producing record amounts of oil and gas. At the same time, the US is also investing heavily in transitioning to sources of cleaner energy.Media ContactDaniel Martin Source :Daniel Martin