US should pump more oil to avoid war-level energy crisis: JPMorgan’s Jamie Dimon

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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.

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JPMorgan Chase CEO Jamie Dimon said on Monday that the United States should move forward pumping more oil and gas to help ease the global energy crisis, likening the situation to a national security risk of the proportions of a war.

Speaking to CNBC, Dimon called the crisis “rather predictable” – stemming from Europe’s historic overdependence on Russian energy – and urged Western allies to help the United States play a leading role in international energy security.

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

“America has to take a real leadership role. America is the swing producer, not Saudi Arabia. We should have done it right from March,” he continued, referring to the beginning of the energy crisis after the invasion of Ukraine by Russia on February 16. 24.

It should be treated almost as a matter of war at this point, no less than that.

Jamie Dimon

CEO, JPMorgan Chase

Europe – once a major importer of Russian energy, depending on the country for up to 45% of its natural gas needs – has been at the forefront of this crisis; face higher prices and falling supply due to Kremlin sanctions.

And while EU countries have met their targets for boosting gas supplies over the coming winter months, Dimon said leaders should now focus on future energy security issues.

“We have a longer term problem now, which is that the world is not producing enough oil and gas to reduce coal, make the transition [to green energy]keep people safe,” he said.

“I would put it in the critical category. It should be treated almost like a war issue at this point, nothing less than that,” he added.

“It’s Pearl Harbor”

Referring to the war in Ukraine more broadly, Dimon called it an attack of a scale similar to that 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 also represented an opportunity for the West to “pull itself together” and defend its values ​​against autocratic regimes.

“The autocratic world thinks the Western world is a bit lazy and incompetent — and there’s a bit of truth in that,” Dimon said.

“This is an opportunity to pull ourselves together and solidify Western, free, democratic, capitalist, free people, free movements, free speech, free religion for the next century,” he continued. .

“Because if we don’t get this one right, this kind of chaos you can see around the world for the next 50 years.”

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