JPMorgan Chase CEO Jamie Dimon weighed in on the current energy situation which has sent oil and gasoline prices soaring.
Dimon reportedly told President Biden that the White House needed to create a “Marshall Plan” to develop more domestic gas and other energy resources, according to Axios.
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Dimon pushed for energy independence Monday in a closed-door meeting at the White House that included energy leaders.
Dimon reportedly told the president and economic aides that additional gas production was needed for energy security in Europe and America.
Other recommendations include more liquefied natural gas installations in Europe and reduced reliance on Russian imports.
Investments in new technologies such as hydrogen and carbon capture were also included.
For historical reference, the Marshall Plan was an American initiative enacted in 1948 to provide foreign aid to Western Europe. The United States transferred more than $13 billion in economic stimulus programs to Western European economies after the end of World War II.
Monday’s meeting included CEOs from ExxonMobil, ConocoPhillips, Marathon Petroleum, Bank of America and Visa, people familiar with the subject. said to Axios.