Dimon calls push to stop all oil and gas enormously naive

Published Tue, Apr 9, 2024 · 08:43 AM

JAMIE Dimon said US delays of liquefied natural gas (LNG) projects were done for political reasons to pacify those who believe oil and gas projects should simply be stopped – a position he calls “wrong” and “enormously naive”.

The head of JPMorgan Chase & Co made the comments on Monday (Apr 8) in his annual shareholder letter, in which he touted replacing coal with natural gas as one of the best ways to reduce carbon dioxide emissions for the next few decades. Dimon also called LNG exports a “great economic boon” for the US as well as a “realpolitik goal”.

“Our allied nations that need secure and affordable energy resources, including critical nations such as 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 said.

Dimon’s staunch support of US LNG exports comes in the wake of President Joe Biden’s permitting freeze imposed in January, which prevents any new approvals for pending projects until the Energy Department can further study the economic and environmental impacts of increased LNG exports.

The strength of the US domestic energy production is a “power advantage” for the nation, creating cheaper and more reliable energy for economic and geopolitical advantages, Dimon said.

When asked on Monday about Dimon’s comments, White House Press Secretary Karine Jean-Pierre said the US is producing record amounts of oil and gas while the nation invests in transitioning to sources of cleaner energy. BLOOMBERG