Jamie Dimon, CEO of JP Morgan Chase, said on Monday that the US should pump more oil and gas in order to alleviate the global energy crisis.
The crisis is occurring as it has from Europe's historic overdependence on Russian energy, and Dimon urged Western allies to support the US in taking a lead role in international energy security.
At the JPM Techstars conference in London, Dimon said that America should have pumped more oil and gas.
America needs to be a leader. The swing producer is America. He said that the energy crisis should have started in March.
This should be treated almost as a matter of war at this point, nothing short of that.
Europe, once a major importer of Russian energy, has been at the forefront of that crisis, facing higher prices and dwindling supply as a result of sanctions levied against the Kremlin.
While EU nations have hit targets to shore up gas supplies over the coming winter months, leaders should now be thinking about future energy security concerns.
He said that the world is not producing enough oil and gas to reduce coal and that the transition to green energy is needed.
It's in the critical category. He said that this should be treated as a matter of war at the moment.
The war in Ukranian was dubbed an attack of similar magnitude to that of Pearl Harbor or the invasion of Czechoslovakia.
He said it was an attack on the western world.
The CEO said that it gave the West an opportunity to defend its values in the face of authoritarian regimes.
There is a bit of truth to the idea that the western world is lazy and incompetent.
To solidify the Western, free, democratic, capitalist, free people, free movements, freedom of speech, free religion for the next century is what this is about.
You can see that kind of chaos around the world if we don't get this right.
All Rights Reserved © 2024
