Trump Praises Exxon Announcement on Old Investments
President Donald Trump heralded ExxonMobil’s announcement Monday that it’s investing in manufacturing jobs in the U.S. — even though at least some of the investment started years ago.
Exxon CEO Darren Woods said the company would invest $20 billion in manufacturing projects along the Gulf Coast. But at some of the spending started in 2013 and is expected to continue through at least 2022, Exxon said in a statement. Exxon said at least one of the projects — an aviation lubricants plant in Baton Rouge, Louisiana — had already been completed.
Those facts didn’t deter Trump, who used the occasion to shower praise on the giant oil and gas company that until recently was led by Secretary of State Rex Tillerson.
“45,000 construction & manufacturing jobs in the U.S. Gulf Coast region,” Trump tweeted Monday afternoon. “$20 billion investment. We are already winning again, America!”
In a statement from the White House, Trump said: “This is exactly the kind of investment, economic development and job creation that will help put Americans back to work.”
The White House statement quoted Woods praising Trump. “Private sector investment is enhanced by this Administration’s support for smart regulations that support growth while protecting the environment,” the CEO said.
Woods took over as Exxon’s CEO in January, following Tillerson’s departure. Tillerson, who had lunch with Trump on Monday, has appeared to be out of the loop on a number of key issues and has kept a low profile within the administration.
Under his agreement with the Office of Government Ethics, Tillerson is barred from any matter involving Exxon through the end of the year. And he has until May 2 to finish divesting his stock holdings in the company, which are estimated at about $55 million. That raises the possibility Tillerson still holds a stake in the company for now. The federal law against conflicts of interest exempts the president but does apply to the secretary of state.
Spokesmen for the White House and the State Department did not immediately answer questions about whether Trump and Tillerson discussed the investment at their lunch Monday and whether Tillerson has already liquidated his holdings in Exxon.
In his announcement, Woods said that Exxon’s goal is to create 35,000 construction jobs and 12,000 full-time jobs, Woods said. The company has not said how many of the 11 projects announced Monday were planned under Tillerson.
The strategy of CEOs re-announcing old investments in the Trump era is not new. Softbank CEO Masayoshi Son announced after a December meeting with Trump a tech fund that would invest $50 billion in the U.S. Trump publicized Son’s plan despite the fact that the investment had been part of a previously announced plan.
(h/t Politico)