Stunning Win – Exxon Mobil Will Invest $20 Billion Building New Refineries…

This is YUGE news and will impact each and every American.  One of the missing elements in our quest for energy independence has always been the lack of oil refining capacity to produce gasoline and other fuel end-products.

Years of choking fossil fuel regulation, partly funded and supported by an alignment of special interests including foreign governments, OPEC and eco lobbyists, has created a situation where over half of our oil refining capability was eliminated.

With the election, and independence, of Donald Trump that course has changed dramatically.  Trump is not beholden to the lobbyists and special interests who pay for the U.S. to remain dependent on foreign oil and off shore refinement.

Additionally, this is a really big deal because our predictions have always been that President Trump will find a way to make ‘US energy exports‘ a big part of the U.S. expanding economy.  A complete paradigm shift – and with it comes unexpected and unpredicted (by most) additional growth in GDP.  Hence this emphasis:

 

(Via Reuters) Exxon Mobil Corp (XOM.N), the world’s largest publicly traded oil producer, said on Monday it would invest $20 billion through 2022 to expand its chemical and oil refining plants on the U.S. Gulf Coast.

The investments at 11 sites should create 35,000 temporary construction jobs and 12,000 permanent jobs, Chief Executive Darren Woods said in a speech at CERAWeek, the world’s largest gathering of energy executives.

Some of the expansions began in 2013, but the scope of the project is now growing and the timeline extended, Exxon said.

Woods ran Exxon’s refining division before becoming CEO two months ago, and the new spending benefits a sector with which he has significant experience and comfort. Investments in the high-margin projects should help ease concerns from Wall Street that Exxon’s growth potential – especially in oil and gas exploration and production – is sliding.

“Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast,” Woods said. “These businesses are leveraging the shale revolution to manufacture cleaner fuels and more energy-efficient plastics.”

The investments across Texas and Louisiana will take advantage of cheap shale gas to make plastics and other chemicals for export. The strategy builds on prior steps Exxon and peers, including Dow Chemical Co (DOW.N), have taken in the wake of the American shale expansion, which sharply cut production costs.

“The supply is here. The demand is there. We want to keep connecting those dots,” Woods said.

Exxon last month pledged to boost this year’s spending by 16 percent to expand operations, especially in shale production, after the company posted a better-than-expected quarterly profit, helped by rising oil prices and lower costs.

U.S. President Donald Trump, who tapped former Exxon CEO Rex Tillerson for secretary of state, praised the company’s spending plans as an example of “a true American success story.” Most of the permanent jobs are expected to pay more than $100,000 per year.

“This is exactly the kind of investment, economic development and job creation that will help put Americans back to work,” Trump said.  (read more)

What more refining capability means to us is cheaper fuel prices.

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This entry was posted in Donald Trump, Economy, energy, Environmentalism, President Trump. Bookmark the permalink.

209 Responses to Stunning Win – Exxon Mobil Will Invest $20 Billion Building New Refineries…

  1. Red says:

    OMG, this is such great news for Louisiana, Texas and the rest of the country. Spent a lot of my life growing up in refinery country, my Dad worked on them in the 60’s and 70’s Now we need to put a missel defence system in the Gulf. Since 9/11 I have been really freaked about how vulnerable the Gulf Coast is and what that would do to the nation.

    I lived in Lake Charles when Citi Service blew it shook the house and we weren’t even close. Lived in Baton Rouge when ExxonMobil blew in late 80’s. Back in the day you could cut through Mobil in Port Arthur to take a short cut to the beach. Only thing we had to worry about were the refineries not evil people…..times have sure changed……

    Liked by 8 people

  2. FrenchNail says:

    I just love that man! Thank you Mr. President for all you have already done in such a short time.

    Liked by 9 people

  3. Black_Knight_Rides says:

    Trump’s Challenges under the American Energy Resurgence:
    • Get EXTREME VETTING in place GLOBALLY before the Mideast Economies crater under plummeting energy prices, causing their populations to rise up in rebellious coups or flee to invade and take over nearby countries.
    • Get DEFENSE CAPACITY RESTORATION completed among allied countries GLOBALLY before the exporting nations’ economies (that have been leaching from the USA) begin to crater under America’s Manufacturing Resurgence, leading to wars for plunder and public distraction.

    Liked by 9 people

  4. Lauren says:

    I LOVE POTUS TRUMP!
    He keeps his promises…God Bless him!

    Liked by 7 people

    • setup2100 says:

      It will be interesting to see how TRUMP reacts to the GOPe Obamacare program and tax cuts which RYAN want to derail or kick down the road. The SENATE is right with him on this. Watch TRUMP do his thing!!!!. He needs a few rallies and they will fall in line. His ONLY asset in DC is the VOTER deplorable s. More than GOOD enough!!.

      Like

  5. Red says:

    Laissez les bons temps rouler America, we are going to MAGA!!!!!!!!! I Love this MAN❤❤❤❤

    Liked by 7 people

  6. Sunshine says:

    No more giving money to America’s foes. What a great idea. And think of the jobs it will create, really good jobs.

    Liked by 9 people

  7. A2 says:

    Two days ago Ambrose Evans-Pritchard published this little bombshell about the Permian shale boom in Texas (nice to have Gov Perry confirmed as Sec of Energy). OPEC will be a thing of the past. Exxon is on the MAGA train.

    http://www.telegraph.co.uk/business/2017/03/05/permian-shale-boom-texas-devastating-opec/

    Liked by 7 people

  8. Sam says:

    No doubt critics will say this is crony capitalism. I say So what? Donald Trump promised to free energy production from destructive bureaucratic red tape to grow the economy and create jobs. He’s keeping his promise.

    The U.S. has a refining bottleneck due to progressive insistence on eliminating oil and gas production. We have needed more refinery capacity for years. Looks like it’s finally going to happen. MAGA!

    Liked by 8 people

    • Bob Thoms says:

      I wouldn’t be surprised if more refineries are announced; a rush to fill a void in refineries.

      Maybe one on the east coast, one on the west, and another one or two on the Gulf of Mexico.

      Liked by 2 people

  9. JoAnn Leichliter says:

    Hot damn! The real deal.

    Liked by 2 people

  10. Billydunn says:

    ROLL Mr President ROLL !!!!
    DJT, a great American and a Great Leader.
    GOD please protect and guide our President.

    Liked by 7 people

  11. amanda4321 says:

    Great news!

    Off-topic, put tangentially related, I recall a Pro-Trump black guy being interviewed by MS/DNC and he said something about being from Mississippi, the catfish capitol of the world and how there is a problem b/c they have to send them to China for processing or something, when we should be able to do that here. Just found it, here it is, start at 1:22 (Maybe Trump can fix this too)

    Liked by 1 person

    • hillbilly4 says:

      Exactly. I was thinking about this fella too. HE has an idea….let him run with it. Get him the help and muscle to make it happen.

      Like

  12. amanda4321 says:

    On oil, here’s some important info from Col. Fletcher Prouty on the true origins of oil (it’s definitely worth the time to listen to his interviews online or read his books: The Secret Team, and JFK Assassination)

    Liked by 2 people

  13. Bob Thoms says:

    This is winning at it’s highest level!
    Being in Texas; it is such good news……and just as good for Americans all across our great land.

    Liked by 1 person

  14. Chris Lilley says:

    From I am reading, CTH is missing the bigger picture here. Refineries and the chemical processing industry in general have been reluctant to make these kinds of investments in the past because it opened up their permits (air quality state permits and/or Title V) permits to review by their regulatory bodies which more often than not would result in years of permitting delays and potential impacts on their Potential to Emit calculations. As a result, why open up their permits to hostile regulatory bodies? Many of these plants can implement significant capital improvements that would “streamline” and “de-bottleneck” their operations resulting in improved production and efficiencies (energy and air quality improvements). With a new EPA chief, there is an anticipation of rapid approvals without 3rd party interventions that bring such improvements to a standstill.

    Liked by 1 person

    • Dan says:

      That is the exact reason we waited until now to apply for permit to mine our central reserve ore body. The Laurentian reserve ore body took 9 months and $700,000 to permit under 2.0
      East & West reserve ore bodies took 5 years and $3.5 million under obummer…

      Liked by 1 person

  15. In Az says:

    @ amanda4321:

    Thank you for the video on oil. When I heard that oil was from dinosaurs and other ancient animals, it never made sense to me, and I was kid in the 1970’s. I never believed oil came from dinosaurs / animals.

    Imagine all the lies we have been taught as truth, and it is worse today.
    It is propaganda.

    In college I had a female history professor who said that we needed to be careful of what we read and learn, to always ask questions and seek out alternative information and viewpoints because we are taught half truths, untruths, lies.

    Liked by 4 people

  16. MIKE says:

    Lower fuel costs coupled with lower taxes and regulation on the trucking industry is, I believe, the crux of the “Main street economy” I have learned here. Consumable goods will be affordable, if not downright cheap, and the cost of durable goods will also fall significantly. “Wall street economy” will also benefit significantly, as most of the TVs, toys, cars and parts, etc .that rely heavily on trucking, fall under publically traded companies. In fact, the chasm between the two economic rail lines is already lessening. Some have dubbed it the ‘Trump bump’. Of course, the swamp and its’ bottom feeding followers are attempting to credit their messiah, who thankfully is sitting on a keg o’ TNT right now. Just hoping the Trump Administration lights the fuse, and soon.

    Liked by 2 people

  17. LARS says:

    We need cheaper energy to pay off the $20Trillion.

    Like

  18. Ken Watson says:

    Pump it here. Cook it here. Burn it here. Whatever is left over, we’ll ship out at an appropriate markup.

    Liked by 1 person

  19. gymcy81 says:

    …tick…tick…tick…
    ….how long before the chronie capitalism / political cashflow / pet or eartagged projects card gets played…?
    money……gop wins election…tillerson … exxon… refineries…money…influence…
    …another election… money … pet projects… money… influence….repeat….entrenchment…
    ..another election…

    (is that draining the swamp…or is it swapping the swamp waters… ?)

    hmmm…

    Be aware of the 50 yr. long ‘demographic winter’…

    Be vigilant.
    Do not take any wooden nickels. http://www.nlbchapel.org/wnickels.htm
    Prove all things. Hold fast to that which is true. Thess. 5:21

    imho
    I do not know

    Like

  20. NJ Transplant says:

    Exxon was already planning to move to the Gulf area. They closed a huge plant in NJ where my husband worked and moved the operation to Baton Rouge, LA. I hope this is bigger then what they already planned.

    Like

  21. gymcy81 says:

    Is the red tape for the environmental review going to be equally loosened, and applications reviewed on an equal timely basis,
    for refineries that are already in the gulf area (and other areas) and that have been wanting to expand to help meet – and compete – for the fuel demands – for years?
    (Sweeney, Texas City, Corpus Christi, Borger, Deer Park etc.)

    hmmm…

    I do not know (but we do know, whom got first… )

    Like

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