• 6 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 days "And this is perhaps the most dangerous kind of government there can be."
  • 7 hours Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 1 day Demonising fossil fuels has caused major grid problem in Australia
  • 7 hours "...too many politicians believe things that aren’t true." says Robert Rapier
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 21 hours Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 327 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 5 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

JPMorgan CEO Dimon: U.S. Energy Industry Needs "Marshall Plan"

  • Energy Secretary Jennifer Granholm: There will be a significant increase in U.S. oil supply by the end of the year.
  • Dimon: the administration will need to provide the energy industry with more support.
  • Mixed signals from the Biden Administration have made the oil industry reluctant to boost production.

The U.S. oil and gas industry needs a "Marshall plan" to boost gas production, according to the chief executive of JP Morgan, Jamie Dimon, who recommended this approach to the White House, Axios reported this week.

The recommendation comes as the federal government demonstrates confidence that U.S. oil companies will increase output by the end of the year.

"There will be a significant increase in supply by the end of this year, and we're hopeful that they live up to that," Energy Secretary Jennifer Granholm told reporters as quoted by Reuters.

For this to happen, judging by Dimon's words, the administration will need to provide the energy industry with more support. This support is one of the things that appear to have been discussed at a closed-door meeting between President Biden and senior industry executives, including Dimon, earlier this week.

"We have a historic set of ideas on the table for investment in the U.S. energy sector, which would strengthen our security and make us more resilient to actions by leaders like Putin," Axios cited one White House official as saying.

"Those ideas are concrete, and we welcome engagement from all those who would join us in driving investments to strengthen our energy sector," the official added.

At the same time, President Biden recently spoke against the oil and gas industry, saying that "Oil and gas companies shouldn't pad their profits at the expense of hard-working Americans." 

Meanwhile, a group of Democrats in the Senate have proposed a windfall tax bill that "would protect consumers from giant oil companies taking advantage of world events to jack up prices," per the website of the main sponsor of the bill, Senator Sheldon Whitehouse.

It may be mixed signals like these from the administration and legislators that have contributed to the oil and gas industry's reluctance to increase output. Yet Secretary Granholm remains confident the output increase is only a matter of time. It could be more than a little time as some from the industry have noted shortages of workers, supplies, and equipment as some of the reasons for the stalling production growth.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Lee James on March 24 2022 said:
    The U.S. needs a Marshall Plan for both petroleum production and non-production -- non-production because we are shifting away as fast as we can from burning petroleum.

    The Marshall Plan saved lives in Europe following the devastation of WWII. Any new Marshall-type plans need to also have strategic and healthy-living goals.

    It disturbs me to hear how many Americans as well as our Administration think that the oil industry is now padding profit. After being unprofitable for so may recent years, it is only the last year that has seen reasonable profits due to improved spending discipline by industry management.

    As a nation, we need to move ahead on petroleum production at this crucial time of war, but be prepared to reduce national petroleum dependency just as soon as we possibly can.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News