US must pump more oil to avoid war-level energy crisis: JPMorgan’s Jamie Dimon | Whuff News


Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Federal Reserve and Russia’s war in Ukraine.

Al Drago | Bloomberg | Getty Images

JPMorgan Chase CEO Jamie Dimon said on Monday that the US should continue to pump more oil and gas to help reduce the world’s energy crisis, likening the situation to a national security risk of the scale of war.

Speaking to CNBC, Dimon called the crisis “predictable” – it happened because of Europe’s historical dependence on Russian power – and urged Western allies to support the US in taking a leading role in global energy security.

“In my opinion, America should be pumping oil and gas and it should be supported,” Dimon told CNBC’s Julianna Tatelbaum at the JPM Techstars conference in London.

Watch CNBC's full interview with JPMorgan's Jamie Dimon on the recession, market turmoil, Twitter and more

“America should play a real leadership role. America is the swing producer, not Saudi Arabia. We should have had that right starting in March,” he continued, referring to the beginning of the energy crisis after Russia’s invasion of Ukraine in Feb. 24.

Europe – being the biggest supplier of Russian energy, which depends on the country for 45% of its natural gas needs – has been the main source of that problem; faced with high prices and reduced supply due to sanctions imposed by the Kremlin.

And while EU countries have set gas supply targets for the coming winter months, Dimon said leaders now need to look ahead to future energy security concerns.

“We have a long-term problem now, the country is not producing enough oil and gas to reduce coal, to make changes. [to green energy]bring security to the people,” he said.

This should be treated almost as a matter of war at this point, nothing short of that.

Jamie Dimon

CEO, JPMorgan Chase

“I will put it on a serious level. This should be treated almost like a war at this stage, nothing short of that,” he added.

‘It’s Pearl Harbor’

Referring to the war in Ukraine in general, Dimon called it an attack on the scale of Pearl Harbor or the invasion of Czechoslovakia in 1968.

“It’s Pearl Harbor, it’s Czechoslovakia, and it’s really an attack on the Western world,” he said.

However, the CEO said it gives the West an opportunity to “get its act together” and defend its values ​​in the face of autocratic rule.

US must pump more oil to avoid energy crisis, says JPMorgan's Jamie Dimon

“The autocratic world thinks the Western world is lazy and incompetent β€” and there’s a little truth to that,” Dimon said.

“This is an opportunity to unite our actions and strengthen the West, freedom, democracy, capitalism, free people, free movements, free speech, free religion in the next century,” he continued.

“Because if we don’t get this right, that’s the kind of chaos you’re going to see around the world in the next 50 years.”



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