JPMorgan Chase CEO Jamie Dimon met with President Biden on Monday, along with some of Biden’s economic aides in a closed door meeting with sixteen other top level executives, urging him to make plans for the government to increase domestic gas and other energy sources to offset soaring prices resulting from Russia’s invasion of Ukraine, Axios reported.
Axios also reported Dimon told President Biden the White House needs to create a “Marshall Plan” to develop more domestic gas and other energy resources. Dimon also told Biden and his top economic aides, additional gas production is needed both for Europe and America’s energy security.
Dimon’s call for the federal government to assume a more aggressive posture on energy and climate is a clear signal the business community is looking to Washington for leadership and big, bold ideas on how to achieve energy security.
Dimon is calling for more liquified natural gas facilities in Europe, reduced reliance on Russian imports and investments in new technology, like hydrogen and carbon capture.
Dimon reportedly said in the meeting, “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,” a White House aide reported, according to Axios. “Those ideas are concrete, and we welcome engagement from all those who would join us in driving investments to strengthen our energy sector.”
As one of America’s most influential executives, Dimon’s pronouncements carry weight. Each spring, Wall Street devours his annual letter to investors for an overview of his global outlook, as well as his specific public policy recommendations.
Companies with representatives attending included the CEO’s of Exxon Mobil, ConocoPhillips, Marathon Petroleum, Bank of America and Visa, and other people familiar with the matter told Axios.
Treasury Secretary Jane Yellen, Commerce Secretary Gina Raimondo, national security adviser Jake Sullivan and National Economic Council director Brian Deese also attended.
The meeting wasn’t on the president’s public schedule, but Biden stopped by for about 20 minutes to give an update on Ukraine.
Biden officials have said they have called for oil companies to increase their drilling capacity, and Biden has suggested the industry is using high oil prices to gouge consumers at the pump. Biden said a couple weeks ago, “Oil and gas companies shouldn’t pad their profits at the expense of hard-working Americans.”
Earlier in the month, Darren Woods, the CEO of ExxonMobil, said his company was “working to maximize production to help fill the world’s increasing demand for oil as production declines in Russia.”
The Biden team has established some ambitious climate targets, including 100% renewable electricity by 2035 and a 45% emissions cut by 2031. Ultimately, the president wants to achieve net-zero emissions by 2050.
Republicans have rightly seized the opportunity of the record high gasoline prices and the nation’s 7.9% inflation rate to criticize the president and his energy policies.
According to Senator John Thune (R-SD) on Tuesday, “The way to solve this problem is for this administration to stop their attack on oil and gas production.”
Thune concluded, “Come up with an all-the-above American energy strategy that will make America energy independent, less dependent upon energy from other places around the world. It’s a very simple fix.”