Finance

White House plagiarizes ExxonMobil in an attempt to herald the oil giant

White House plagiarizes ExxonMobil in an attempt to herald the oil giant”

Investments began in 2013 and are expected to continue through at least 2022.

As if the ties between the Trump administration and oil and gas behemoth ExxonMobil weren't apparent enough, the White House on Monday issued a press release that lifted text wholesale from an Exxon press release published earlier that same day.

In a bid to enhance manufacturing and export capacity, ExxonMobil has made a decision to invest in refining and chemical manufacturing facilities along the U.S. Gulf Coast.

"Those overseas markets are the motivation behind our investments", Woods said in the release. "We want to keep connecting those dots". "And these jobs will have a multiplier effect, creating many more jobs in the communities that service these new investments", he said.

President Donald J. Trump praised the plan.

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The 11 projects will create more than 45,000 jobs, said Woods. Further, numerous products that will be manufactured here in the United States by American workers will be exported to other countries, which will improve the balance of trade.

Beaumont in Texas will see the expansion bulk and plan to carry out the expansion of the production of polyethylene, exports of natural gas in liquefied form and the capacity of oil refining. Without the expanded domestic energy production of recent years, an announcement like today's wouldn't be possible.

Darren Woods, Exxon Mobil CEO, speaks during CERAWeek at the Hilton Americas, Monday, March 6, 2017, in Houston.

While celebrating the fact that hydraulic fracturing has helped make the USA a top producer of oil and gas in the world, he said the technology has also brought about a new era of investing for the country's downstream and manufacturing businesses.

On Wednesday, at the company's annual analyst day in New York, Exxon highlighted to investors both short- and long-term projects the company says will help not only deliver revenue growth, but also sustain its dividend.

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Woods noted that ExxonMobil has an interest in about one-fourth of the world's carbon capture and storage capacity.

Companies such as Exxon are making vast investments in their refining, chemicals and export operations to take advantage of the new opportunity.

"By capturing Carbon dioxide in gas-fired power generation before it is emitted, this potential game-changer enables us to envision a future in which hydrocarbon use and de-carbonization go hand-in-hand", Woods said.

Several company projects were listed during the speech, ones that Woods emphasized are aimed at reducing emissions and increasing energy efficiency such as making biofuels from agricultural waste and algae. From 2010 to 2020, such investments are expected to reach nearly $180 billion, according to the American Chemistry Council, about 70% of which will go to the U.S. Gulf Coast. "It also reduces energy use and emissions". Analyst Sam Margolin states that the psychology in the downstream part of business is different than what is in oil and gas. "If we can scale it, this breakthrough could reduce global carbon-dioxide emissions up to 45 million tons, annually", he said. In it, the company included language about investments in new refining and chemical manufacturing.

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