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Within hours of taking office as president in 2021, Joe Biden made it very clear what his energy policy would be, as he revoked the permits for the completion of the Keystone XL. The pipeline was going to create thousands of jobs, but the new president decided to cancel it to please the most progressive wing of his party. Almost two years later, the CEO of JP Morgan Chase criticized the president’s performance in this area.
Jamie Dimon recently participated in an interview with CNBC, and he was harsh on the Biden administration and its energy reaction after Russia invaded Ukraine. According to him, the U.S. took the wrong approach to the conflict and the opportunities it created.
“Well, I think we’re getting energy completely wrong, which is, you know, ever since this war started, you know that Europe is going to have a problem. And that it was pretty predictable that Putin was going to cut off some gas and some oil, and oil price would go up and, by the way, for the climate folks here, it’s made the climate worse because people have this bad assumption that higher oil prices and gas prices reduce consumption, reduce co2. No. Poor nations, India, China, Indonesia, Philippines, Vietnam, are turning back on coal plants, as are rich nations called Germany, Netherlands, France,” the executive began referring to the Biden administration.
“And this should be treated almost as a matter of war at this point, nothing short of that. And obviously, America needs to play a real leadership role. America is the swing producer, not Saudi Arabia. And we should have gotten that right starting in March. It’s almost too late to get it right. Because obviously these are longer term investments,” Dimon added.
