J.P. Morgan Chase CEO Jamie Dimon cautioned policymakers shouldn’t rush the transition to inexperienced power and argued that the world shall be reliant on oil and gasoline for an additional 50 years throughout an interview on CNBC from Davos Thursday.
“Local weather is a severe situation that ought to be taken significantly. And by the way in which we’re not doing an excellent job at it,” Dimon stated.
“We’d like oil and gasoline,” Dimon continued. “It is a hundred million barrels a day which might be utilized by the world to warmth gasoline, feed individuals.”
When requested for what size of time, Dimon responded “for 50 years”.
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Jamie Dimon, chief govt officer of JPMorgan Chase & Co., speaks in the course of the Institute of Worldwide Finance (IIF) annual membership assembly in Washington, D.C., U.S., on Friday, Oct. 18, 2019. Photographer: Al Drago/Bloomberg through Getty Pictures
Dimon warned of a “calamity” if oil and gasoline manufacturing is halted immediately.
Tech billionaire and CEO of Twitter Elon Musk tweeted help for Dimon’s feedback Thursday.
“True, there shall be an extended tail of utilization, however it should peak lengthy earlier than then,” he wrote.
“Peak oil demand in all probability occurs throughout the subsequent 5 years,” Musk continued.
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FILE – Tesla and SpaceX Chief Government Officer Elon Musk speaks on the SATELLITE Convention and Exhibition in Washington, Monday, March 9, 2020. (AP Photograph/Susan Walsh, File)
Final 12 months, Dimon testified earlier than the U.S. Home Monetary Companies Committee that terminating all funding to grease and gasoline tasks “could be the street to hell for America”.
After his remarks, “Squad” member Rep. Rashida Tlaib, D-Mich., inspired a financial institution run on Chase. In response, the Wall Road Journal editorial board revealed a chunk slamming the congresswoman.
Cheniere Power Inc. Liquefaction facility on Corpus Christi Bay in Portland, Texas, Feb. 19, 2021. (Eddie Seal/Bloomberg)
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Through the interview, Dimon additionally warned that the upcoming combat over the debt ceiling is not one thing that ought to be taken calmly.
“That’s simply part of the monetary construction of the world, and this isn’t one thing we ought to be enjoying video games with in any respect,” he stated.
Joe Silverstein is a manufacturing assistant for Fox Information Digital.