JPMorgan CEO Jamie Dimon reportedly told President Biden the US must increase domestic energy production called for Europe to end reliance on Russian oil

• JPMorgan CEO Jamie Dimon told President Biden the US must ramp up energy production, according to a report from Axios.
• He urged on the administration to develop a modern-day "Marshall Plan" to boost domestic energy.

JPMorgan CEO Jamie Dimon told President Joe Biden that the US needs to ramp up its production of oil and other energy resources, and called for Europe to rely less on Russian imports, sources told Axios.

Gas prices and energy costs have surged since Russia invaded Ukraine, and Dimon said more domestic production is needed for energy security in the US and Europe.

At a closed-door White House summit with top executives, he urged the Biden administration to develop a modern-day "Marshall Plan" to boost domestic energy. Dimon also pushed for investments in technologies like hydrogen power and carbon capture.

Others at the meeting included the CEOs of ExxonMobil, ConocoPhillips, Bank of America, and Visa, the report said.

Dimon also called for more liquefied natural gas production in Europe and less reliance on Russian imports, according to Axios.

"We have a historic set of ideas on the table for investment in the US energy sector, which would strengthen our security and make us more resilient to actions by leaders like Putin," a White House official told Axios. "Those ideas are concrete, and we welcome engagement from all those who would join us in driving investments to strengthen our energy sector."