Chairman Daimon: "Marshall Plan-Style Support Needed for US Natural Gas Development"

Claim Made at White House Meeting on the 21st

Jamie Dimon, Chairman of JP Morgan Chase
Photo by Reuters Yonhap News

[Asia Economy Reporter Park Byung-hee] Jamie Dimon, chairman of JP Morgan Chase, the largest bank in the United States, said at a White House meeting on the 21st (local time) that Marshall Plan-style support is needed for U.S. natural gas development, Bloomberg News reported on the 23rd, citing meeting officials.

The Marshall Plan refers to the European Recovery Program in which the United States provided billions of dollars to help rebuild Western Europe after the end of World War II. It was implemented in 1948 during President Harry Truman's administration and is named after then-Secretary of State George Marshall, who proposed the policy.

Chairman Dimon emphasized the need for large-scale government support for U.S. natural gas development amid soaring U.S. oil and natural gas prices due to sanctions against Russia.

At the meeting, where key U.S. government officials including Treasury Secretary Janet Yellen and White House National Security Advisor Jake Sullivan, as well as representatives from major U.S. manufacturing, banking, and energy companies gathered, discussions were held on the impact of Russia's invasion of Ukraine and the resulting sanctions against Russia. President Joe Biden also briefly stopped by, and it is known that Dimon requested Marshall Plan-style support when President Biden was present.

Dimon stated that domestic natural gas production should be increased and the approval time for renewable energy development projects such as wind power should be reduced. He also argued that even though long-term goals pursue eco-friendly energy, more investment in fossil fuel development should be made in the short term. Officials said Dimon also called for expanded investment in LNG facilities in Europe, hydrogen technology, and carbon capture technology. However, officials noted that Dimon did not request an expansion of oil production within the United States.

Government officials asked company representatives to ensure that key technologies related to electronics and refining do not leak to Russia. They also made it clear that sanctions against Russia will continue as long as the war in Ukraine persists, according to officials.

President Biden has taken a cautious stance on domestic fossil fuel development while making eco-friendly policies an important national agenda. Recently, while banning imports of Russian oil and natural gas, he appeared to be moving toward lifting sanctions on Venezuela's crude oil exports.

A White House spokesperson said, "The Biden administration has specific ideas about investment in the U.S. energy sector," and "The government welcomes the participation of those interested in energy investment."

This content was produced with the assistance of AI translation services.