Dimon Highlights Need For More Oil And Gas Investment As Vanguard Bails On ESG Group

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December 11, 2022

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by David Blackmon (Forbes) J.P. Morgan CEO Jamie Dimon probably summed up this week’s energy-related events best when he noted that “we need cheap, reliable, safe, secure energy, of which 80% comes from oil and gas” during an interview on CNBC. It was a week in which other major players, notably including management at Vanguard, appeared to acknowledge that reality.

Let’s take a look at some of the biggest energy-related events of the week just past:

The Iowa Caucuses and EPA Biofuels Mandates – The EPA rolled out new, beefed-up biofuels mandates the week after the Democratic National Committee proposed a plan to end the long reign of the Iowa Caucuses as the first presidential nominating contest on its calendar.

Since the EPA began to allow the blending of corn-based ethanol in with gasoline in 1978, voters have been treated to the quadrennial spectacle of every candidate for the presidency in both parties flying to Iowa to pledge their undying support for the practice of removing millions of tons of corn from the food chain each year to make motor fuels. That political imperative only became magnified after congress and then-President George W. Bush decided to turn the allowance of biofuels blending into a mandate in 2005.

Moving Iowa out of its long-time catbird’s seat on the nominating calendar won’t necessarily mean the end or even diminution of these mandates, but it would free up the candidates to tell us what they really think about them instead of just knee-jerking to support a controversial policy whose benefits are questionable. READ MORE

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