Quitting oil and gas is “enormously naïve,” JP Morgan CEO says following Biden’s LNG export ban

Ruth Liao, Bloomberg April 08, 2024

(Bloomberg) – Jamie Dimon said U.S. delays of liquefied natural gas (LNG) projects were done for “political reasons” to pacify those who believe oil and gas projects should be stopped — a position he calls “wrong” and “enormously naïve.”

Jamie Dimon (Photographer: Win McNamee/Getty Images)

The head of JPMorgan Chase & Co. made the comments Monday 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 U.S. as well as a “realpolitik goal.”

“Our allied nations that need secure and affordable energy resources, including critical nations like 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 in his letter.

Dimon’s staunch support of U.S. 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 U.S.’ domestic energy production is a “power advantage” for the nation, creating cheaper and more reliable energy for economic and geopolitical advantages, Dimon said.

Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.