Washington, D.C. — On November 8, 2016, Exxon Mobil won big. The election of Donald Trump as president and the subsequent nomination of Rex Tillerson for secretary of state mark a turning point in the financial fortunes of Exxon Mobil. The Center for American Progress released a column today outlining some of the many lucrative ways in which Exxon Mobil will be the best beneficiary of a Trump administration.
The fossil fuel company once constrained by climate action and international sanctions is poised to reap massive benefits from Trump’s Cabinet nominations. In addition to the appointment of Exxon’s former CEO to the post of America’s top diplomat, the nominations of Sen. Jeff Sessions (R-AL) for attorney general; Oklahoma Attorney General Scott Pruitt (R) for Environmental Protection Agency administrator; Rep. Ryan Zinke (R-MT) for secretary of the Interior; and former Texas Gov. Rick Perry (R) for secretary of energy are critical for Exxon to achieve its agenda.
“Exxon Mobil has executed a political and financial resurrection over the past two years,” said Jenny Rowland, CAP Research and Advocacy Associate and co-author of the column. “By spending tens of millions of dollars on political contributions, lobbyists, and efforts to bully and discredit its objectors, Exxon is now in a position to build a policy environment that allows for nearly unrestricted greenhouse gas pollution and expanded fossil fuel production and consumption. The new regulatory landscape created by Trump and his cabinet nominations will make Exxon Mobil billions at the expense of public and environmental health.”
Political actions taken under the Trump administration with Rex Tillerson at the helm of the State Department could mean up to $1 trillion in benefits for Exxon Mobil over the next 10 years by wiping out critical environmental and public health regulations, making foreign deals that go against the interests of the United States, and reaping lucrative deals on domestic resources.
Exxon’s biggest payouts will consist of:
- Expanding the company’s control over foreign oil and gas reserves
- Facilitating the transportation of Canadian tar sands
- Weakening regulations that protect the climate, clean air, and clean drinking water
- Locking up more taxpayer-owned oil and gas resources at low royalty rates
- Attacking alternative fuels and electric vehicles
- Being shielded from legal liability by the Department of Justice
- Higher oil and natural gas prices
Click here to read the column.
For more information on this topic or to speak with an expert, contact Tom Caiazza at [email protected] or 202.481.7141.