J.P. Morgan Chase chief Jamie Dimon on Wednesday rejected in the strongest terms the idea that the country’s largest banks should stop funding new oil and gas production and exploration.
The chief executive of the largest U.S. bank was testifying before a House panel with other bank executives. Representative Rashida Tlaib, the Michigan Democrat, claimed that preventing temperatures from rising more than 2.7 degrees in the coming decades would require no new fossil fuel production.
“Please answer, yes or no. Does your bank have a policy against funding new oil and gas products?” Tlaib asked.Tlaib responded by saying that every J.P. Morgan Chase customer who benefits from the Biden administration’s student loan relief program should close their account. Earlier in the hearing, Dimon had criticized the Biden administration’s program, calling it “badly done.”
Gasoline prices hit a record high this year as oil soared. U.S. oil production has lagged because of underinvestment in the sector, in part driven by the popularity of E. Climate change activists have sought to pressure banks and others to avoid investing in oil, gas, and coal production regardless of the costs to the U.S. economy.
Russia’s invasion of Ukraine has spotlighted the dangers of Europe’s lack of energy security. Because Europe has underinvested in fossil fuel energy infrastructure at the behest of so-called climate change pressure groups, it is perilously dependent on Russia for natural gas. Soaring energy prices in Europe a likely to push economies there into a deep recession and have prompted the U.K.
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