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Adler writes: "The Center for American Progress, a liberal think tank, released a report Tuesday morning that adds up the many ways in which the incoming Trump administration could enrich the world's largest oil company."

Rex Tillerson. (photo: Jessica Rinaldi/Reuters)
Rex Tillerson. (photo: Jessica Rinaldi/Reuters)


ExxonMobil Could Reap as Much as $1 Trillion Under Trump, Report Says

By Ben Adler, Grist

10 January 17

 

ExxonMobil could reap as much as $1 trillion under Trump, report says.

he Center for American Progress, a liberal think tank, released a report Tuesday morning that adds up the many ways in which the incoming Trump administration could enrich the world’s largest oil company.

The report comes a day before Rex Tillerson, Exxon’s former CEO, starts his nomination hearing to be President-elect Trump’s secretary of state.

In that role, Tillerson could do a lot for his former employer. The oil giant has massive holdings in foreign oil reserves and remains one of the biggest investors in the Canadian tar sands, with rights worth around $277 billion at current prices.

As it happens, the State Department is responsible for approving the fossil fuel infrastructure that could bring Canadian tar sands oil to the U.Smarket. Remember the Keystone XL pipeline? It could come back from the dead and get approved by Tillerson.

Tillerson could also undo sanctions on Russia that have blocked Exxon’s projects there, including a deal with Rosneft, the Russian state oil company, worth roughly $500 billion.

And then there are the Trump administration’s domestic plans to lift every restriction on extracting oil from public lands and offshore. The CAP report also figures that Trump’s Department of Justice is unlikely to investigate Exxon’s effort to mislead the public about climate change. Tally all the benefits and you get nearly $1 trillion.

So who was the biggest winner of the November election? According to the CAP report, ExxonMobil.

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+7 # librarian1984 2017-01-10 18:20
$1 trillion divided among all Americans would give each one of US a bit over $3000. A family of four would get $12,000. Wouldn't that be something -- a citizen's dividend, all of US shareholders in our country.

How much money was lost in Iraq? How much money did the Pentagon 'lose track of'?

Think of all the good that could do, rather than being used to build a bomber that will never fly or a seventh gold plated hot tub in someone's seventh home.

American empire has to end. Oligarchy has to end. Predatory capitalism has to end.

Recently, among coffee swilling friends, one woman said, 'I feel so bad about Bernie Sanders. He was saying everything I wanted to hear but I just didn't believe he could win. Looking back, I really regret not supporting him.'

We have got to keep his message (and him) alive. This is the time for activism. Maybe some of US have been missing the old old days of protest and confrontation?

And maybe a few of US are new to the fight. Progressives, I hope we elders will be able to give advice and counsel, and help in the physical work about to begin. I hope millennials and others will hear US -- and I hope we won't be jerks.

Personally, I don't believe in an afterlife. (I wish to goodness I did but I've always depended on evidence.) So if we want to experience heaven we have to build it right here right now, Trump or no Trump.

This is our opportunity. Let's not be stupid. Let's not infight. Let's GO
 
 
0 # Robbee 2017-01-11 14:01
Quoting librarian1984:
$1 trillion divided among all Americans would give each one of US ...

How much money was lost in Iraq? ...

if we want to experience heaven we have to build it right here right now, Trump or no Trump.

This is our opportunity. Let's not be stupid. Let's not infight. Let's GO

- there's a pattern here - follow a trail of oil trillions

before bush2cheney ruled iraq - the 2nd largest oil fields in the world - iraq sold NO oil thru brit/am companies - oil prices were low

when bush2cheney invaded iraq - oil prices skyrocketed - and every time prices started to dip - w rattled sabres to piss oil sheiks off - price-fixing oil prices higher - iraq sold ALL oil thru brit/am companies

oil prices began a pattern of dropping once every 4 years - during prez election years

when i voted for him in 2008 - obama talked windfall profits tax until the 2008 lull in oil prices - gas pump prices did not double - tripple - until obama took office - o never mentioned windfall profits tax - every year brit/am companies sold LESS oil - every year brit/am companies announces NEW RECORD profits -

in sum - in the midst of struggling to recover from the great recession and massive unemployment - the economy suffered thru the great drag of - i guestimate - a trillion or more in windfall profits

add it up 2001 tax cuts for billionaires - 1 trillion - oil wars - 3 trillion - windfall profits to date - 1 trillion - post-rump windfall - 1 trillion
 
 
0 # Jaax88 2017-01-11 14:45
Are you kidding or just uninformed? That $1 trillion would not go to many American citizens (stock shareholders) and certainly not to the American government other than in the lowest taxes Exxon could pay. That money is revenue and then some profit which goes to the shareholders.

"Let's not be stupid." Many people tried to tell the "Bernie or bust" people not to be stupid and not infight. Look at that result, the Orange Pumpkin and all his problems with conflicts of interest and the Russian connection even if not true. (I believe some of it is very likely, but highly skeptical of some of it also; knowing trump's history and attitude with women and the fact he hung around his Miss Universe contestants and had his pageant in Russia suggests there is something there.) This has already damaged his coming presidency, maybe beyond recovery. I think he will be a nonentity and/or a puppet for his 4 years.

to be continued
 
 
+5 # Jaax88 2017-01-11 00:29
Nice deal for environment. Cant be a coincidence that trump, the anti-cimate warming genius, picking a environmental destroyer and fossil fuel profiteer to be Sec. of State.
 
 
+5 # Caliban 2017-01-11 00:51
"Make ExxonMobile Great Again"
 
 
+7 # John Puma 2017-01-11 04:42
For perspective, is there any estimate on how much Exxon has received from government since, say, Jan21, 1981?
 
 
+8 # Capn Canard 2017-01-11 06:28
Eliminating the need for oil and coal will eliminate the power of the masters of oil and coal. It could happen very quickly.
 
 
+3 # Jaax88 2017-01-11 14:56
last part:

The great pains his gang took to say trump was not going to have conflicts of interest due to his legal juggling, bothers me because trump has said his son-in-law Kushner (known as trump's thinker) would be inside the WH on his senior staff. What Wall is between Kushner and his wife, trump's daughter, and his two brothers-in-law , trump's sons, who are designated to take over trump's business operations, The Trump Organization. What kind of Wall is that, especially when we know trump is the world's "greatest" liar, his children were brought up in his image and Kushner was probably let into the family only because he agreed with trump and supports him. This whole thing gets crazier by the day.
 

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