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FACT CHECK: CEO at Notorious Fossil Fuel Ally JP Morgan Calls U.S. Energy “Backwards,” Derides Transition to Clean Energy

WASHINGTON, D.C. – This morning, Jamie Dimon, CEO at one of the biggest fossil fuel lenders in the world, JP Morgan, called U.S. energy policy “wrong,” “backwards,” and “a matter of war” while promoting drilling and increased oil production over clean energy. Dimon based his attacks on the administration on the false claim that the US has not increased domestic energy production in response to the international energy crisis caused by Russia’s invasion of Ukraine. This disinformation is being peddled by the fossil fuel industry and not based in reality. Dimon should know better.

False Claim: The United States isn’t producing enough energy in response to Russian supplies being cut off.

FACT: U.S. crude and natural gas production has been growing under Biden.

  • U.S. Crude Production Growth Is On Pace To Set A New Annual Production Record In 2023. According to the Energy Information Administration: “U.S. crude oil production in our forecast averages 11.8 million barrels per day (b/d) in 2022 and 12.6 million b/d in 2023, which would set a record for the most U.S. crude oil production during a year. The current record is 12.3 million b/d, set in 2019.” Energy Information Administration Short Term Energy Outlook, 9/7/2022]
  • U.S. Dry Natural Gas Production Set An Annual Record In 2021. According to the Energy Information Administration, “U.S. dry natural gas production set an annual record in 2021, increasing by 3.5% from 2020, according to our recently released Natural Gas Annual. In 2020, production had dipped because of reduced economic activity during the COVID-19 pandemic. In 2021, dry natural gas production exceeded the previous record set in 2019, and our Short-Term Energy Outlook forecasts that production will continue to grow through 2023.” [Energy Information Administration “Today In Energy” 10/12/2022]
  • CNN Report Finds Oil Companies Are The Ones Choosing Not To Explore New Drilling Locations, Instead “Focusing On Areas They Know Will Make Money.” In October of 2022, CNN reported: “In an interview with Fox Business, Sen. John Barrasso of Wyoming said the Biden administration is ‘attacking American energy.’ Sen. Lisa Murkowski of Alaska said in a statement Wednesday that the administration must ‘reverse course and work with our energy producers, instead of against them’ to lower prices at the pump. But energy experts tell CNN recent attempts to open up new parts of the US to oil drilling have failed mainly because of the lack of interest from oil companies themselves, rather than Biden’s ‘green’ policies. New exploration for oil and gas has fallen sharply worldwide this year. Still bruised by an oil-price crash prolonged by the Covid pandemic, fossil fuel companies are now focusing on areas they know will make money, and far less on exploring for new locations to drill.” [CNN, 10/9/2022]

With the historic investments in the Inflation Reduction Act, the United States is creating jobs, building a more reliable grid, and ensuring a secure future in a nation powered by clean energy. Dimon gets one thing right: “America needs to play a real leadership role.” Already, states across the nation are manufacturing the U.S. into a cleaner, safer, and more secure future with clean energy.