In an exclusive interview with Fox News’ Maria Bartiromo earlier this week, JP Morgan’s Chief Executive Officer, Jamie Dimon, expressed his concern about the regulatory and litigious systems in the U.S., specifically with regards to permitting for energy infrastructure projects. Arguing for an all-of-the-above approach, he emphasizes that the U.S. needs a comprehensive energy policy that we as a country do not yet have right.
In reference to his testimony in front of the House Financial Services Committee this past September, Dimon was asked to explain what he meant when he said cutting off investments in fossil fuels “would be the road to hell” for America. While he explains that he believes we should be doing something regarding climate [change] and CO2, it is not as simple as divesting from oil and gas companies. Dimon says, “So if I can stop financing a good oil company, that isn’t going to help. What we need is pipelines, permits. We can’t even get the permits to build solar.”
This is an important piece of the puzzle. Permitting and regulatory hurdles that are stymying infrastructure growth in the U.S. are not simply limited to oil and gas products. Instead of arguing amongst ourselves, the U.S. should be addressing the regulatory system in order to facilitate a comprehensive plan.
Outside of diversifying energy security through future projects, we must supplement the energy gap in Europe left behind by Russia. Dimon agrees, saying we need more pipelines that can carry gas down to Louisiana, “so they can ship it to help our allies in Europe.”
Acutely aware of the critical role the U.S. plays on a global scale, Dimon sees prioritizing exports to our allies across the pond struggling to fight volatile energy prices as a key part of our global responsibility. Noting the “oil and gas problem is going to go on for years” in Europe, it would be prudent to continue supporting those countries with our natural gas.
Dimon also doubled down on the need for private sector capital for the traditional energy space, particularly from his bank and other financial institutions, arguing he would oppose mounting pressure from activists to divest away from oil and gas. Leveraging our robust domestic energy sector and supporting an all-of-the-above approach is paramount to the country’s success.