JPMorgan Chase CEO Jamie Dimon said Monday that the U.S. needs to pump more oil and gas to combat the world’s energy crisis and fortify national security for the U.S and its allies, according to CNBC.
Dimon stated that the U.S. and its allies should have stepped up efforts to produce more fossil fuels in March after Russia, a major producer of oil and gas, invaded Ukraine and jeopardized global energy supplies, CNBC reported. The CEO deemed the war in Ukraine an attack on the Western world and urged the U.S. to ramp up fuel production to help Europe alleviate its fuel shortages and defeat Russia. (RELATED: Exxon CEO Raises The Alarm Bell About Biden’s Latest Energy Plan)
“In my view, America should have been pumping more oil and gas and it should have been supported,” Dimon told CNBC at a conference in London. “This should be treated almost as a matter of war at this point, nothing short of that.”
Russia has consistently cut off natural gas deliveries to Europe in response to European Union sanctions, exacerbating Europe’s fuel shortages and leading to record-high electricity prices among households and businesses. Dimon said that Europe’s energy crisis was predictable as the continent is heavily reliant on Russian fuels such as natural gas, the outlet reported.
Roughly 45% of the natural gas Europe imported in 2021 was Russian, according to the International Energy Agency.
“America needs to play a real leadership role,” Dimon asserted when discussing the global energy crisis.
The Biden administration is considering banning or restricting exports of refined petroleum products to energy-starved Europe and other countries because the U.S. is currently facing domestic fuel shortages, according to a letter the American Petroleum Institute sent to Energy Secretary Jennifer Granholm. President Joe Biden promised in March to help supply Europe with more fuel following Russia’s invasion of Ukraine, according to a White House fact sheet.
American shale oil and gas companies also warned in September that they would be unable to ramp up production in time to further help Europe as their exports of oil and liquefied natural gas to Europe have already reached maximum levels, according to the Financial Times.
JPMorgan Chase declined to comment on the matter.
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