JPM CEO Dimon Urges Biden To Enact US (Fossil Fuel) Energy Industry "Marshall Plan"

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by Tyler Durden
Wednesday, Mar 23, 2022 - 05:29 PM

Greta is gonna be pissed...

According to anonymous sources, cited by Axios, JPMorgan Chase CEO Jamie Dimon told President Biden the White House needs to create a “Marshall Plan” to develop more domestic gas and other energy resources.

The discussion reportedly occurred during a private meeting this week as Treasury Secretary Janet Yellen, National Security Advisor Jake Sullivan and other top administration officials briefed banking and energy company executives on the impact of Russia’s invasion of Ukraine and resulting U.S. sanctions.

Dimon reportedly informed the president and his top economic advisors that additional support for domestic energy production in order to secure both American and European energy security.

Dimon also called for an increase in liquid natural gas facilities in Europe to reduce reliance on Russian imports, according to Axios.

Finally, Dimon reportedly emphasized the importance of increasing funding for technology supporting hydrogen and carbon capture.

"We have a historic set of ideas on the table for investment in the U.S. energy sector, which would strengthen our security and make us more resilient to actions by leaders like Putin," Axios cited one White House official as saying.

"Those ideas are concrete, and we welcome engagement from all those who would join us in driving investments to strengthen our energy sector," the official added.

Meanwhile, a group of Democrats in the Senate have proposed a windfall tax bill that "would protect consumers from giant oil companies taking advantage of world events to jack up prices," per the website of the main sponsor of the bill, Senator Sheldon Whitehouse.

It may be mixed signals like these from the administration and legislators that have contributed to the oil and gas industry's reluctance to increase output.

Yet Secretary Granholm remains confident the output increase is only a matter of time.

"There will be a significant increase in supply by the end of this year, and we're hopeful that they live up to that," Energy Secretary Jennifer Granholm told reporters as quoted by Reuters.

Companies with representatives attending the closed-door meeting included ExxonMobil, ConocoPhillips, Marathon Petroleum, Bank of America and Visa, according to Axios.

As a reminder, it was two years ago this week that then presidential candidate Biden promised to end the oil industry in America...

“No more subsidies for fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period, ends.”

It seems that may be another promise not kept by the end of this farce.

"How dare you!"