Widget Image
Follow PPD Social Media
Monday, July 15, 2024
HomeNewsEconomyExxon Mobil to Invest $20 Billion in U.S., Projects 45K Jobs Created

Exxon Mobil to Invest $20 Billion in U.S., Projects 45K Jobs Created

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. (Photo: Reuters)
The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. (Photo: Reuters)

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. (Photo: Reuters)

Exxon Mobil Corporation (NYSE:XOM) announced a $20 billion building project in the U.S. chemical and refining industry, a program it said would create 45,000 jobs. President Donald J. Trump quickly tweeted his support, calling the oil producer a “special company.”

CEO Darren Woods called the new company program “Growing the Gulf,” and casted it as part of a larger effort to boost American energy exports by tapping abundant natural gas and oil supplies on the U.S. Gulf Coast.

“These projects are export machines, generating products that high-growth nations need to support larger populations with higher standards of living,” Mr. Woods said. “The supply is here; the demand is there. We want to keep connecting those dots.”

Mr. Woods said in a speech at CERAWeek in Houston that all the jobs will be located along the Gulf Coast and many will pay an average of $100,000 a year.

The news from Exxon Mobil follows announcements by other U.S. job-creating giants–including Ford Motor Co., Intel Corp., General Motors Co., Wal-Mart Stores Inc. and more–all of whom are responding to President Trump’s policy proposals aimed at keeping business investments in America. As was the case following those announcements, Big Media again moved to minimize the role he played in the company’s plan.

“The only problem? Monday’s announcement just gave a name to a series of investments the company began making as far back as 2013, before the collapse in oil prices,” Bloomberg wrote in a report. “Like those other plans, Exxon didn’t specify how much of the 10-year investment program was previously announced.”

Except, not only did this particular industry enjoy high gas prices during much of the previous administration, but CEOs aren’t exactly making their preference for Trumponomics a secret.

Dow Chemical (NYSE:DOW) CEO Andrew Liveris said after a meeting with the president last month that the Trump administration is “probably the most pro-business administration since the founding fathers.” His comments came after attending a meeting with President Trump hosted with manufacturing leaders at the White House.

“This is exactly the kind of investment, economic development and job creation that will help put Americans back to work,” President Trump said in a statement. “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.”

[social-media-buttons]

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Latest comment

  • Wow

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial