Jamie Dimon says Ukraine war shows we still need cheap, secure energy from oil and gas

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.

According to Jamie Dimon, the world is not ready to move away from oil and gas as the main source of fuel.

The bank leader said on CNBC that the war in Europe highlighted the importance of fossil fuels in the global economy for the foreseeable future.

We need cheap, reliable, safe, secure energy of which 80% comes from oil and gas. It is going to be very high for a long time.

The price of oil and natural gas went up after Russia invaded Ukraine. For much of the spring and summer, West Texas Intermediate crude was above $100 per barrel, but has since fallen back to pre-war levels.

Europe used to rely on Russian gas for home heating, but that is no longer the case as the price of natural gas has gone up.

While pursuing renewable alternatives, world leaders need to focus on maintaining fuel for economies and reducing carbon emissions, not neglecting oil and gas production.

Oil and gas prices are going up. Poorer nations and richer nations are turning back on their coal plants because having it cheaper has the virtue of reducing CO2.

In a Congressional hearing, the leader of the bank said that stopping doing business with fossil fuels would be a " road to hell for America".