President Trump’s plans to “Make America Great Again” include fostering a more amicable business climate for large companies who’ve either moved to foreign countries or considered moving for economic reasons like lower taxes and labor costs.
Trump has promised to create financial incentives for American business expansions and for bringing US foreign factories back home to the US. Evidently, his pro-business incentives are working.
We have seen many corporations change their path for growth over the past few months, and now we’ve learned of another company investing in the United States and growing their job base on the Gulf Coast!
President Donald Trump and Exxon Mobil Corp. exchanged praise for each other on Monday as the company announced plans to create thousands of jobs by spending $20 billion over 10 years on plants along the Gulf Coast.
Exxon’s plan started long before Trump entered the White House, however. It includes investments that began in 2013.
Exxon said Monday the work would create 12,000 permanent jobs — the energy giant currently has about 71,000 employees — and 35,000 construction jobs.
Exxon announced its plan in a news release in which CEO Darren Woods was quoted as saying that such big investments “require a pro-growth approach and a stable regulatory environment and we appreciate the President’s commitment to both.”
A few minutes later, the White House issued its own release about Trump congratulating Exxon. One paragraph in the White House release is nearly identical to a passage in Exxon’s.
The president followed up on Twitter, saying that “Buy American & hire American are the principals at the core of my agenda,” although he apparently meant that those are among his principles.
In his third tweet on Exxon, Trump wrote, “45,000 construction & manufacturing jobs in the U.S. Gulf Coast region. $20 billion investment. We are already winning again, America!”
Thank you to @exxonmobil for your $20 billion investment that is creating more than 45,000 manufacturing & construction jobs in the USA!
— Donald J. Trump (@realDonaldTrump) March 7, 2017
According to Darren Woods, the new CEO:
Exxon would expand at several current plants and build a new one to create petroleum products for export.
Woods said the investment plan responds to the rising supply of natural gas. There has been a boom in production created by techniques such as fracking, or hydraulic fracturing, in shale formations like the Permian Basin of Texas and New Mexico.
Exxon recently agreed to buy rights to about 250,000 more acres, doubling its presence in the Permian at a cost of up to $6.6 billion — a huge bet on the hottest oil and gas field in the country.
Woods said hydraulic fracturing has “opened up a whole new energy future for the United States … (that) is turning the U.S. from energy importer to energy exporter.”
This is indeed good news since America shouldn’t have to depend on Middle Eastern oil for it’s energy needs!
Instead of stifling business expansion and thus, job creation, like Obama, Trump is helping to create more jobs by stimulating growth through…wait for it...Capitalism!