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

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.

Al Drago | Bloomberg | Getty Images

JPMorgan Chase CEO Jamie Dimon said Monday that the United States should go ahead with pumping more oil and gas to help alleviate the global energy crisis, likening the situation to a national security risk of war-level proportions.

Speaking to CNBC, Dimon called the crisis “pretty predictable” — arising as it did from Europe’s historic overdependence on Russian energy — and urged Western allies to support the United States in taking 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 needs to play a real leadership role. America is the swing producer, not Saudi Arabia. We should have got it right from March,” he continued, referring to the onset of the energy crisis following Russia’s invasion of Ukraine in February. 24.

This should be treated almost as a matter of war at this point, nothing less.

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; faces higher prices and dwindling supply as a result of sanctions against the Kremlin.

And while EU nations have hit targets to shore up gas supplies over the coming winter months, Dimon said leaders should now look ahead to future energy security concerns.

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

The US should pump more oil to avert a war-level energy crisis, says JPMorgan's Jamie Dimon

“I would place it in the critical category. This should be treated almost as a matter of war 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 on the same scale as Pearl Harbor or the 1968 invasion of Czechoslovakia.

“It’s Pearl Harbor, it’s Czechoslovakia, and it’s really an attack on the Western world,” he said.

However, the chief executive said it also gave the West an opportunity to “pull itself together” and defend its values ​​against autocratic regimes.

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

“This is the chance to get our act together and to strengthen the West, free, democratic, capitalist, free people, free movement, free speech, free religion in the next century,” he continued.

“Because if we don’t get this right, that kind of chaos could be seen around the world for the next 50 years.”

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