ExxonMobil Could Benefit Nearly $1 Trillion With Trump

Corporations, Government

The Center for American Progress released a report Tuesday morning that lists some of the many ways the incoming Trump administration will likely cater to the largest oil company in the world.

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

As Secretary of State, Tillerson is expected to do more than ever for his former employer.

Raw Story reports 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.

Conveniently, the State Department is responsible for approving the fossil fuel infrastructure bringing Canadian oil to the U.S. Tillerson could bring back the Keystone XL Pipeline that was voted down. He could also approve any pending or new projects based on the benefit to his former employer.

The reports notes that he could even use the position to the dual benefit of his former employer and the country that the CIA and FBI say helped Trump win the election.

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.

Of course we cannot forget the Trump administration’s domestic plans to lift restrictions on extracting oil in the U.S. and offshore. This brings us back to the 2008 republican slogan of “Drill Baby Drill!”

Taking into account that Trump thinks global warming is just a Chinese hoax, the CAP report also figures that Trump’s Department of Justice is unlikely to investigate Exxon’s effort to deceive the public about climate change.

When you add these nefarious things together, the total is around $1 Trillion.

While most people think Trump won the November election, the CAP report suggests that ExxonMobil may have won.

Please share your comments below and let us know what you think of Trump’s appointment of an oil tycoon to this position.

(Article by Jeremiah Jones)

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