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Pretty good day for Exxon

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Pretty good day for Exxon Empty Pretty good day for Exxon

Post by confuzzled dude Tue Feb 14, 2017 10:03 pm

President Donald Trump signed his first significant piece of legislation on Tuesday, repealing an Obama-era rule that forced energy and mining companies to disclose any payments they made abroad.
“This is a big signing,” Trump said, “a very important signing.”

That part’s... debatable. Outside of a few firms like Exxon Mobil — which once lobbied against the rule and whose former CEO Rex Tillerson is now Trump’s secretary of state — it’s hard to find too many people overjoyed that this regulation is dead. The real significance here is that this marks the start of a big push by the Trump administration to roll back a wider array of federal regulations.

The American Petroleum Institute has argued that the disclosure rule is unnecessary — after all, it’s already illegal for oil and gas companies to bribe governments under the Foreign Corrupt Practices Act. These new requirements would simply add extra costs and make it harder for US mining and drilling companies to operate overseas. Publicly traded oil companies like Exxon Mobil were also concerned that the disclosure forms would reveal valuable information about individual projects, giving their state-owned and privately held competitors an unfair advantage.

Anti-corruption groups and other supporters of the rule, for their part, argued that the provision wasn’t substantially different from similar requirements in Canada and Europe. Foreign companies like BP and Royal Dutch Shell now regularly report taxes, bonuses, and other payments to foreign governments. Why shouldn’t American oil majors like Chevron and Exxon Mobil?

http://www.vox.com/2017/2/14/14617312/trump-transparency-oil

confuzzled dude

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