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Monday, March 06, 2017

Exxon bets $20 billion on Trump's success with MAGA

Exxon decided to invest another $20 billion in the United States, which will mean 45,000 construction and manufacturing jobs in the Gulf Coast region.

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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  1. But, but, it's EXXON!! An ExtraSuperCalifragilistic polluter!!1111!!!!

    Oh, the HORROR!! The horror...

    I'm good with that.

    1. Sam, you are missing the real story here. Exxon is doing a pay for play with the Trump administration. They pay 12 billion, so Trump's administration will quash those state A.G.'s attack on their willful ingnoring of Climate Change Catastrophe!

      And when the Times or the Post run this, I want you all to point out to them who blew the whistle first on this "Crisis that will bring Hitler, er Trump down!!!!!!"

      Just in case - sarc

    2. Riiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiight.

  2. I thought the WV Democrats had plenty of crackers.

    The kind that brush sandpaper over their fingertips before they go to work.

  3. Thank you T-Rex. Wish they had expanded to Mississippi.

  4. I bet the Sierra Club is pissed. There's nothing they hate more than affordable energy and good blue-collar jobs.

  5. "The new [W.Va.]Republican Legislature has its work cut out to regain that trust."
    New? The Rs are in their fourth year of being in charge and the Legislature and they continue to fiddle while W.Va. burns. Billionaire private businessman turned politician Democrat Jim Justice continues to embarrass them and their incompetence. Gov. Justice is certainly shaking up the establishment in Charleston.

    1. OH? Well I just got an email from my rep, Saira Blair, yesterday thanking me for feedback after she co-sponsored a bill to eliminate the useless, pointless Women's Commission from the state budget. DubVee isn't burning, Buckwheat. We're comin on strong. Do you live here? If not, stay the hell out.

  6. What Exxon is doing is smart. There is more money to be made in exporting refined products such as gasoline rather than crude oil. Gallon for gallon gasoline costs more than crude, so a tanker full of gasoline is worth a lot more than a tanker full of crude. And we get more refinery jobs as well as an increase in our refining capacity. That should help eliminate price spikes when our currently limited capacity is forced to switch blends or an accident takes out capacity. And the customers are lining up for liquefied natural gas exports, too. - Elric