Take a bow, President Trump.
From the White House:
“This is exactly the kind of investment, economic development and job creation that will help put Americans back to work,” the President said. “Many of the products that will be manufactured here in the United States by American workers will be exported to other countries, improving our balance of trade. This is a true American success story. In addition, the jobs created are paying on average $100,000 per year.”
Darren W. Woods, chairman and chief executive officer of Exxon Mobil announced the company’s investment program during a keynote speech today to an oil and gas industry conference in Houston, Texas.
“Investments of this scale require a pro-growth approach and a stable regulatory environment and we appreciate the President’s commitment to both,” said Woods. “The energy industry has proven it can operate safely and responsibly. Private sector investment is enhanced by this Administration’s support for smart regulations that support growth while protecting the environment.”
Exxon Mobil is strategically investing in new refining and chemical-manufacturing projects in the United States Gulf Coast region to expand its manufacturing and export capacity. The company’s Growing the Gulf program consists of 11 major chemical, refining, lubricant and liquefied natural gas projects at proposed new and existing facilities along the Texas and Louisiana coasts. Investments began in 2013 and are expected to continue through at least 2022.
Exxon Mobil’s projects, once completed and operating at mature levels, are expected to have far-reaching and long-lasting benefits. Projects planned or under way are expected to create more than 35,000 construction jobs and more than 12,000 full-time jobs. These are full-time manufacturing jobs that are mostly high-skilled and high-paying, and have annual salaries ranging from $75,000 to $125,000. These jobs will have a multiplier effect, creating many more jobs in the community that service these new investments.Those 12,000 full-time jobs would boost Exxon's overall employment past 85,000 -- a 16% increase.
The annual payroll of those additional jobs is $1.2 billion.
Reagan gave us Reaganomics.
Trump's economic policy is called Capitalism.
I hope Exxon makes a lot of money from this investment.
My only wish was that Exxon would build a cracker in West Virginia for the natural gas being fracked today.
But after watching Democrats in the state demolish the chemical industry in Charleston, West Virginia, in the 1980s, I can see why Exxon would pass on the opportunity to get screwed by Democrats. Once bitten, twice shy.
The new Republican Legislature has its work cut out to regain that trust.
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