JPMorgan Chief Executive Jamie Dimon has urged the White House to increase America’s energy independence – and has proposed it launch a “Marshall Plan” to develop domestic energy resources, The Post has confirmed.
Dimon pitched his idea during a closed-door meeting Monday at the White House with senior administration officials, including Treasury Secretary Janet Yellen and National Economic Council Director Brian Deese. President Biden also paused briefly, according to Axios, who broke the news first.
The meeting also included notable private sector representatives including CEOs of major oil companies including ExxonMobil, ConocoPhillips and Marathon Petroleum.
“After World War II there was a Marshall Plan to rebuild Europe – it’s a similar time in the sense that we need urgency and ambition when it comes to developing energy security of America,” a source familiar with the situation told The Post.
In the short term, Dimon is pushing for full energy independence, while in the long term he wants to keep his foot on the accelerator to fight climate change, a source added.
The energy independence plan Dimon presented at the meeting focused on four key changes, a source added:
- Increase natural gas production.
- Build additional natural gas facilities in Europe to reduce the continent’s dependence on Russian oil.
- Invest in technology to reduce fossil fuel emissions at scale.
- Bring new renewable sources online and simplify the process of obtaining new permits for wind and solar farms.
Every spring, Dimon writes an annual letter to investors sharing his insights on markets, politics and other global issues like climate change. The letter, which is expected to be published in April, will emphasize the need for America’s energy independence, a source told the Post.
Dimon’s speech comes as gas prices soar and America seeks to eliminate its dependence on foreign energy sources. Earlier this month, Biden banned Russian oil imports as the United States seeks to sever economic ties with the country following Russian President Vladimir Putin’s invasion of Ukraine.