In his book “Private Empire,” author Steve Coll relates a telling remark that reflects how Lee Raymond, then ExxonMobil CEO, viewed his company’s relationship with America. He was asked whether ExxonMobil would build more refineries inside the United States to help insulate the nation against gasoline shortages.
Raymond: “Why would I do that?”
An oil industry executive: “Because the United States needs it … for security.”
Raymond: “I’m not a U.S. company and I don’t make decisions based on what’s good for the U.S.”
Yet ExxonMobil invests heavily in American politics. U.S. tax law, however, prevents the electorate from knowing the exact nature of that investment — how much money, given to whom or what, and with what intent. That should change, but Congress adamantly stands in the way of such disclosure. Continue reading