Exxon Mobil to Invest $20 Billion in US, Projects 45K Jobs Created

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The news from Exxon Mobil follows announcements by other US 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.

While the Trump administration eagerly promoted the 45,000 jobs figure, near the bottom, the statement qualified the Gulf Coast projects would create 35,000 construction jobs - typically short- to medium-term gigs, meaning the total number of people actually employed may be lower - and 12,000 full-time ones. The project is expected to generate $20 billion in economic activity in Texas and Louisiana.

In a statement issued half an hour before the White House's, Exxon described its Growing the Gulf program, which is "strategically investing" in chemical manufacturing and oil refining plants on the Gulf Coast with 11 main programs that began in 2013 and are scheduled to continue through 2022 or later.

First discovered by Washington Post reporter Christopher Ingraham, the similarities include an entire paragraph copied almost word for word and another sentence the White House lifted almost verbatim.

Of course, because of the jobs this will create in the states of Texas and Louisiana, amongst other states bordering the Gulf of Mexico, the White House was thrilled. Further, numerous products that will be manufactured here in the United States by American workers will be exported to other countries, which will improve the balance of trade. That stance may veer from Trump's repeated criticisms of various global trade deals, including the North American Free Trade Agreement with Canada and Mexico, as unfair and disadvantageous to United States workers.

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As per the American Chemistry Council, chemical manufacturing is considered as one of America's top exporting industries, accounting for 14 percent of overall US exports in 2015, and exports of specific chemicals linked to shale gas are projected to reach $123 billion by 2030. Woods ran Exxon's refining division before replacing Rex Tillerson, who has since left to become President Donald Trump's secretary of state.

"The United States is a leading producer of oil and natural gas, which is incentivizing US manufacturing to invest and grow", said Darren Woods, Exxon chairman and CEO, in a speech at the CERAWeek energy conference in Houston. Woods last week announced Exxon's plans to spend $5.5 billion on drilling in the Permian and Bakken regions. The main objectives are to create plastic that is energy efficient and fuel that is cleaner to use.

"The supply is here; the demand is there". He also noted that ExxonMobil has a stake in about 25% of the world's carbon-capture-and-sequestration capacity and that the company plans to invest more in this area.

Exxon followed other USA giants such as Ford Motor, Intel, General Motors and Wal-Mart Stores responding to Trump's call to eschew overseas investments and focus on domestic developments. "We want to keep connecting those dots", he said.

Exxon earlier on Monday announced its Growing the Gulf program, a $20 billion investment over 10 years that would bring 45,000 jobs to region.