One of America’s top bunkers told President Biden that the United States needs a “Marshall Plan” for energy production in light of rising oil prices. Higher energy costs can exacerbate already high inflation and can even cause a recession.
The Marshall Plan was a multifaceted US strategy to rebuild Europe, modernize its economy, and prevent communism from taking root in poor and war-torn continents after World War II.
The United States has spent more than $ 100 billion in today’s dollars to fund ambitious programs at the dawn of the Cold War. The program was the brainchild of former Army Chief of Staff and Secretary of State George C. Marshall.
JPMorgan Chase CEO Jamie Dimon told Biden Wednesday a similar ambitious attempt to ensure energy independence in the United States and Europe as a new Cold War broke out after Russia invaded Ukraine. It is reported that he urged him to formulate a strategy.
read: Jamie Dimon told Biden in the United States that Europe needs a “Marshall Plan” for energy independence.
Certain new Marshall projects will require increased production of U.S. fossil fuels such as oil and natural gas, and efforts to produce more energy from solar, wind, hydrogen and other “green” energy sources. ..
The Byden administration has already focused on electric vehicles and other clean energy sources, but is also trying to respond to the threat of climate change and reduce its reliance on fossil fuels in the United States. The United States is the largest oil producer in the world.
Europe is particularly dependent on Russian oil and natural gas. Prices soared in both Europe and the United States after the attack on Ukraine and subsequent sanctions on Russia. High energy prices can even threaten a recession.
read: US recession sparked by Russian oil?This is the way this can happen