Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
Higher oil prices triggered by the Ukraine war, and likely to stay elevated in a sloppy transition from fossil fuels, will contribute to a coming hurricane in the economy, Jamie Dimon, the long-time Chief Executive of JPMorgan Chase & Co. said on June 1.
Dimon said he does not know if the storm will be minor or severe, but that it is on its way as the Federal Reserve and the government withdraw economic support provided during the pandemic and as the consequences of the Ukraine war continue.
"That hurricane is right out there down the road, coming our way," Dimon said in an animated and unscripted conversation at an investor conference.
Wars, Dimon said, have unintended consequences and the Ukraine war "happens to be roiling the commodity markets of the world, wheat, oil, gas." High oil prices could continue for the next five years because "proper actions" are not being taken, he added.
Dimon, 66, said the United States is failing in its handling of the challenges of climate change and the transition from fossil fuels.
"The chance of getting this right is virtually nil. I don't think we remotely understand the complexity."
He added, "It is uncoordinated, we're confused between hugging trees and yelling ... We need real leadership."
Recommended Reading
Help Wanted (Badly): Attracting Workers to Energy is Becoming Difficult
2024-03-27 - Attracting workers to the energy industry is becoming a difficult job, despite forecasted growth in the industry.
Stena Evolution Upgrade Planned for Sparta Ops
2024-03-27 - The seventh-gen drillship will be upgraded with a 20,000-psi equipment package starting in 2026.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
E&P Highlights: March 25, 2024
2024-03-25 - Here’s a roundup of the latest E&P headlines, including a FEED planned for Venus and new contract awards.
TotalEnergies Restarts Gas Production at Tyra Hub in Danish North Sea
2024-03-22 - TotalEnergies said the Tyra hub will produce 5.7 MMcm of gas and 22,000 bbl/d of condensate.