On October 11, JPMorgan CEO Jamie Dimon said that the US should pump more oil amid the world's energy crisis, just days after OPEC+ agreed to a production cut that is equivalent to 2% of the global supply. In a CNBC interview, he said that "America is the swing producer, not Saudi Arabia." We agree.
Notwithstanding the Biden administration's hostility to domestic fossil fuel producers, the US is becoming a net exporter of petroleum products. Consider the following:
