JPMorgan CEO Jamie Dimon: We have it completely backwards on green energy

JPMorgan CEO Jamie Dimon: We have it completely backwards on green energy
JPMorgan Chase CEO Jamie Dimon remarked that people have it “completely backwards” on the idea of cutting back the development of fossil fuels in the name of addressing “climate change” concerns.

“We have it completely backwards: America should have been pumping more oil and gas, and it should have been supported,” he said during an interview with CNBC.

“I think we’re getting energy completely wrong. Ever since the [Russia-Ukraine] war started, we’ve known that Europe is going to have a problem. It was pretty predictable that [Russian President Vladimir] Putin was going to cut off some gas and certain oil, and oil prices go up.”

The CEO of the financial giant also had strong words for the climate alarmists, saying that their actions “made the climate worse.” He elaborated that “people had this bad assumption that high oil and gas prices reduce consumption [and carbon dioxide],” which was false. According to Dimon, both poor and rich nations are turning back to cheaper coal – which they once abandoned – to power their countries due to higher oil and gas prices.

“We have a longer-term problem now, which is the world is not producing enough oil and gas to reduce coal, make the transition [to green energy], create security for people. I would put it in the critical category. This should be treated almost as a matter of war at this point, nothing short of that,” Dimon said.

Moreover, the JPMorgan bigwig stressed the need for the U.S. to “play a real leadership role.” He continued: “America is the swing producer, not Saudi Arabia. We should have gotten that right, starting in March [2022]. It’s almost too late to get it right because obviously, this is a longer-term investment.”

In spite of this negative remark, Dimon provided a sliver of hope by emphasizing that temporary shortages linked to the Russia-Ukraine war can be overcome.

Dimon calls on the West to get its act together

During his CNBC interview, Dimon also discussed the erratic times in which the world attempts to function. He said he was not surprised at the Nord Stream 1 pipeline being blown up, adding that even oil tankers could be blown up if they are “in the wrong place.”

Moreover, the JPMorgan CEO said the attack on Ukraine was “really an attack on the Western world.” He then continued by saying that it was a chance for the West to “get its act together,” given that the autocratic world thinks that the West is “a little lazy and incompetent.”

“This is the chance to get our act together and to solidify the Western, free, democratic, capitalist, free people, free movements, freedom of speech and free religion for the next century. Because if we don’t get this one right, that kind of chaos you can see around the world for the next 50 years,” Dimon explained.

In September, Dimon told lawmakers that his bank will not adopt a ban on fossil fuel investments.

“Absolutely not, and that would be the road to hell for America. We are not getting this right. The world needs effectively 100 million barrels of oil and gas every day, and we need it for 10 years. To do that, we need proper investing in the oil and gas complex,” Dimon explained.”

He argued that investing in the oil and gas complex is good for reducing CO2, because the high price of oil and gas, particularly from the rest of the world, has seen everyone going back to coal.

“We should focus on climate. The problem with that is because of high oil and gas prices, the world is turning back on its coal plants. It is dirtier. Why can’t we get it through our thick skulls, that if you want to solve climate [change], it is not against climate [change] for America to boost more oil and gas?”

More news about the climate agenda can be found at Climate.news.

Watch the video below about Dimon’s warning of an economic hurricane that will hit the United States.

(Article by Kevin Hughes republished from Citizens.news)

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