Posts Tagged ‘Exxon’

Exxon Mobil's Record Profits

President-elect Donald Trump has chosen Exxon CEO Rex Tillerson to be the next US secretary of state. Tillerson worked his way up the ranks to become CEO, and that’s impressive by any standard. However, Rex will leave Exxon worse off than when he found it. The big worry about Tillerson is that he may put Exxon profits above the interests of the vast majority of the citizens of the United States.

Big oil has long conspired to keep gasoline prices higher than they would otherwise be in the face of actual competition. However, oil prices have plunged during the last few years because of Iran’s return to the oil markets.

According to Bloomberg, “When Tillerson took over, Exxon had $28.7 billion in cash and was pumping almost 4.3 million barrels of crude daily. Today, Exxon’s output is down to 4 million barrels a day, and its cash reserves have declined 85 percent, to $4.3 billion, eroded by soaring project costs and collapsing energy prices. “The world has changed dramatically since Rex Tillerson took over,” says Brian Youngberg, an analyst at Edward Jones, a brokerage and advisory firm. “’The fact that he’s leaving his successor a company that produces less than it did 10 years ago says a lot.’”

Tillerson big decisions that turned out to be busts. Tillerson negotiated the $35 billion acquisition of XTO Energy, a Texas shale gas driller. By 2012 natural gas prices had crashed and have remained historically cheap. In 2011, Tillerson entered a joint venture to drill in the Russian Arctic alongside Kremlin-controlled Rosneft. The deal soured after Vladimir Putin’s Ukrainian intervention triggered international sanctions against Russia, forcing Exxon to abandon the project and the $1 billion it had already spent.

Still, compared with rival oil companies, Exxon has managed the downturn in oil prices fairly well, avoiding mass layoffs and maintaining its AAA credit rating. So Tillerson has not been a complete bust as CEO.

As Secretary of State Tillerson has met world leaders. He’s supposedly cozy with Vladimir Putin. So he’s not devoid of experience among world leaders. In other words, Tillerson is not the equivalent of Betsy DeVos as Secretary of Education, a person with zero experience in public education, and a person who is likely completely unfit for the job.

Check out Bloomberg’s story below.

the-next-ceo-of-exxon-will-inherit-a-diminished-giant–Bloomberg News

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The Trans-Pacific Partnership (TPP) is a corporate power grab, a 5,544-page document that was negotiated in secret by big corporations while Congress, the public, and unions were locked out.

Multinationals like Google, Exxon, Monsanto, Goldman Sachs, UPS, FedEx, Apple, and Walmart are lobbying hard for it. Virtually every union in the U.S. opposes it. So do major environmental, senior, health, and consumer organizations.

This agreement has virtually nothing to do with trade since tariffs between the twelve nations of the TPP are at historic low. This agreement is really about exporting jobs, raising prices and more bonuses for the 1 percent at the expense of the 99 percent.

The TPP will mean fewer jobs and lower wages, higher prices for prescription drugs, the loss of regulations that protect our drinking water and food supply, and the loss of Internet freedom. It encourages privatization, undermines democracy, and will forbid many of the policies we need to combat climate change.

The worst part is the Investor-State Dispute Settlement provision, which allows a multinational corporation to sue to override any U.S. law, policy, or practice that it claims could limit its future profits. Secret panels of corporate lawyers and corporate lobbyists will decide these cases. Their judgments cannot be appealed, not even to the Supreme Court.

This provision will override your votes on the state and local levels. In other words, President Obama and Wall Street Senator Ron Wyden intend to suppress your voting rights, along with most of the Republican Party led by Paul Ryan, Mitch McConnell and Orrin Hatch.

Though the Obama administration touts the pact’s labor and environmental protections, the official Labor Advisory Committee on the TPP strongly opposes it, arguing that these protections are largely unenforceable window dressing.

On behalf of Wall Street and rich investors throughout the United States, President Obama is planning to call for a vote on the TPP in the US senate and the US House after the elections in November. Obama signed the TPP, a despicable income and political power redistribution scam, months ago. Wall Street Senator Ron Wyden will likely introduce the TPP in the senate. Wyden is Obama’s and Wall Street’s attack dog in the US senate in their war against the middle class. He has voted to redistribute trillions of dollars from the 99 to the 1 percent over the course of the his career in congress.

To learn more about the TPP, check out Citizen’s Trade Campaign, and Public Citizen’s Global Trade Watch, Public Citizen. For labor-specific resources, try CWA, http://stopthetpp.org/, and the AFL-CIO, http://www.aflcio.org/Issues/Trade.

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Scientists employed by Exxon Mobile had the data showing climate change was occurring back in the 1970s. They also came to the conclusion that carbon dioxide emissions were the cause of it. Recently, the internal documents were leaked to the public.

This blog is about income redistribution, political power and corruption. Climate change isn’t a thing of interest for this blog, but corporate corruption is. This conspiracy is complete corruption.

According to the internal Exxon memo, Exxon executives decided to follow the path of Big Tobacco, which denied the link between tobacco and a variety of ailments, such as lung cancer, despite their own studies demonstrating these links. The GMO corporations are also following this format of lies when it comes to their products.

So Exxon executives began elevating offshore drilling platforms more than thirty years ago to prepare for rising sea levels while following a sustained public relations campaign to deny the relationship between their products and climate change.

“Here’s what senior company scientist James Black told Exxon’s management committee in 1977: “In the first place, there is general scientific agreement that the most likely manner in which mankind is influencing the global climate is through carbon dioxide release from the burning of fossil fuels.” To determine if this was so, the company outfitted an oil tanker with carbon dioxide sensors to measure concentrations of the gas over the ocean and then funded elaborate computer models to help predict what temperatures would do in the future.

The results of all that work were unequivocal. By 1982, in an internal “corporate primer,” Exxon’s leaders were told that, despite lingering unknowns, dealing with climate change “would require major reductions in fossil fuel combustion.” Unless that happened, the primer said, citing independent experts, “there are some potentially catastrophic events that must be considered…. Once the effects are measurable, they might not be reversible.” But that document, “given wide circulation” within Exxon, was also stamped “Not to be distributed externally.”

So here’s what happened. Exxon used its knowledge of climate change to plan its own future. The company, for instance, leased large tracts of the Arctic for oil exploration, territory where, as a company scientist pointed out in 1990, “potential global warming can only help lower exploration and development costs.” Not only that but, “from the North Sea to the Canadian Arctic,” Exxon and its affiliates set about “raising the decks of offshore platforms, protecting pipelines from increasing coastal erosion and designing helipads, pipelines and roads in a warming and buckling Arctic.” In other words, the company started climate-proofing its facilities to head off a future its own scientists knew was inevitable.”

Last fall, a Yale study in the Proceedings of the National Academy of Sciences showed that money from the Koch Brothers and Exxon played a key roll in polarizing the climate debate within this nation, even though Exxon’s own science showed the climate change was on the rise due to CO2 emissions.

The company’s sins—of omission and commission—may even turn out to be criminal. New York Attorney General Eric Scneiderman has launched a criminal investigation into this matter. This may account for why Exxon’s current CEO, Ray Tillerson, no longer claims the world is cooling, and that CO2 emissions “are having an impact” on global warming.

The Washington Post reported two months ago that ExxonMobil has a far saner view of global warming than the national Republican party.

Fred Hiatt, the paper’s centrist editorial page editor, drops this bombshell:

With no government action, Exxon experts told us during a visit to The Post last week, average temperatures are likely to rise by a catastrophic (my word, not theirs) 5 degrees Celsius, with rises of 6, 7 or even more quite possible.

Exxon Mobile website states the issue clearly;

“The risk of climate change is clear and the risk warrants action. Increasing carbon emissions in the atmosphere are having a warming effect. There is a broad scientific and policy consensus that action must be taken to further quantify and assess the risks.”

For more on this, check out the following link.

Ecowatch Reporting

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The first duty of any editor of the corporate propaganda corps, sometimes mislabeled a free press, is to manipulate the sentiments of their readers so that those feelings are in harmony with the political and economic goals of the 1 percent, which, coincidentally, are their advertisers, such as Microsoft, Apple Inc, Motorola, Shell Oil, Exxon, and all the other big money players in politics.

One of those sentiments is apathy and perhaps hatred of your fellow 99 percenters. So there’s always news stories about those who are gaming the system, but only of the small folk. The press also wants you to feel sympathy with the people and corporations that are robbing you blind, the rich folks.

That’s why they’re always going to have negative stories about people on SNAP, or unemployment benefits, and virtually nothing but positive things said about the tax money you pay toward the rich, such as corporate subsidies, and defense spending. There are massive profits in these corporate subsidies and defense spending, which push corporate profits higher, share prices higher, and dividends up, up and away.

In other words, the first duty of the press is to divide the 99 percent against each other, while doing their best to make the 99 percent lap dogs of the 1 percent.

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“Sen. Elizabeth Warren (D-Mass.) called for an end to a tax loophole that lets corporations that renounce U.S. citizenship to dodge taxes. “’These companies are renouncing their American citizenship, turning their backs on this country, simply to boost their profits,’” she said.

Corporations are citizens? The Corporate US Supreme Court has ruled that Exxon, Monsanto and Walmart Corporations and all the other US corporations are persons with all of the individual rights granted to “persons” under the US Constitution, but I did not know they were citizens, and I did not know Goldman Sachs Incorporated could renounce that screwed up concept of US citizenship in order to avoid taxes, but that’s how corrupt the US government has become since and because of the Reagan tax cuts. Corrupt to the core on behalf of the 1 percent.

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Question: Why is the US Supreme Court called the US Supreme Court?

Answer: Because it is the court where corruption, power and money have reigned supreme over the nation, legal precedence and the US Constitution for the last thirty years. When corporations win so much in the US Corrupt Court compared to thirty years ago, it is a clear signal that corruption has taken hold, since those corporations are the primary weapons of the 1 percent in their war against the middle class.

When wealthy investors purchased in the corrupt political markets the legal right to unionize into corporations, and President Franklin Roosevelt accurately called corporations “organized money,” the combined financial might of those investors have since been used to corrupt institutions, such as the US Supreme Court and the marketplaces of the world, as well as other governments of the world.

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The only logo missing is the one for the Koch Brothers, which should be attached to Clarence Thomas, John Roberts, Samuel Alito, Anthony Kennedy and Antonin Scalia. The US Constitution and legal precedence are always crushed by these five whenever they are opposed to the acculation of income and wealth on behalf of the 1 percent, as well as the total political dominance of the 1, and the redistribution of income from the 99 to the 1 percent.

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