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Jamie Dimon said US delays of liquefied natural gas projects were done for political reasons to pacify those who believe oil and gas projects should simply be stopped \u2014 a position he calls \u201cwrong\u201d and \u201cenormously na\u00efve.\u201d<\/p>\n
The head of JPMorgan Chase<\/a> & Co. made the comments Monday in his annual shareholder letter, in which he touted replacing coal with natural gas as one of the best ways to reduce carbon dioxide emissions for the next few decades. Dimon also called LNG exports a \u201cgreat economic boon\u201d for the US as well as a \u201crealpolitik goal.\u201d<\/p>\n \u201cOur allied nations that need secure and affordable energy resources, including critical nations like Japan, Korea and most of our European allies, would like to be able to depend on the United States for energy,\u201d the chairman and chief executive officer said in his letter.<\/p>\n Dimon\u2019s staunch support of US LNG exports comes in the wake of President Joe Biden\u2019s\u00a0permitting freeze<\/a>\u00a0imposed in January, which prevents any new approvals for pending projects until the Energy Department can further study the economic and environmental impacts of increased LNG exports.<\/p>\n The strength of the US\u2019 domestic energy production is a \u201cpower advantage\u201d for the nation, creating cheaper and more reliable energy for economic and geopolitical advantages, Dimon said.<\/p>\n When asked Monday about Dimon\u2019s comments, White House Press Secretary Karine Jean-Pierre said the US is producing record amounts of oil and gas while the nation invests in transitioning to sources of cleaner energy.<\/p>\n<\/div>\nSubscribe to Impact Report, a weekly newsletter on the trends and issues shaping corporate sustainability. Sign up<\/a> for free.<\/div>\n<\/div>\n