JPMorgan CEO Jamie Dimon calls for more investment in oil and gas: 'We aren't getting this one right'
JPMorgan CEO Jamie Dimon says that 'investing in the oil and gas complex is good for reducing CO2'
JPMorgan CEO Jamie Dimon testified that there should be "proper" oil and gas investment to keep energy prices low and facilitate an "effective transition to reduce CO2."
JPMorgan Chase CEO Jamie Dimon spoke out against the current trend in environmental regulation and energy investment.
Dimon was called, alongside other big-bank executives, before the House Financial Services Committee on Wednesday.
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Dimon — asked for his analysis of modern energy investments into older forms of power including coal and gas — said the US is not on the right path.
Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., during a House Financial Services Committee hearing in Washington, D.C., Wednesday, Sept. 21, 2022. (Al Drago/Bloomberg via Getty Images / Getty Images)
"We aren't getting this one right. The world needs 100 million barrels effectively of oil and gas every day. And we need it for 10 years," Dimon said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 244.94 | +4.14 | +1.72% |
"To do that, we need proper investing in the oil and gas complex. Investing in the oil and gas complex is good for reducing CO2," he continued. "We've all seen, because of the high price of oil and gas — particularly for the rest of the world — you've seen everyone going back to coal."
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Dimon pointed to spikes in coal use worldwide, even among wealthy nations.
Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic and imported crude oil into California Air Resources Board (CARB), gasoline, diesel fuel, and other petroleum products, in Carson, California, U.S., March 1 … (REUTERS/Bing Guan / Reuters Photos)
He added, "Not just poor nations like India and China, Indonesia and Vietnam — but wealthy nations like Germany, France and the Netherlands. CO2 is getting worse. We need to have proper rules and regulations and government policy to have an effective transition to reduce CO2, keeping energy secure."
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The CEO claimed the backsliding is evidence that oil and gas could be a step toward cleaning up CO2 emissions.