Business

Romney: My Promise is to Help you and Your Family

With 14 days till the 2012 Presidential Election, key issues that both candidates have addressed in the debates have drawn questions by the public. One issue that has not had a lot of coverage is energy and the environment.

Mitt Romney

Mitt Romney (Photo credit: Wikipedia)

Near the end of Governor Mitt Romney’s acceptance speech at the Republican National Convention he began quoting President Obama, saying he had “promised to begin to slow the rise of the oceans…[and to]…heal the planet.”

Giving the idea that he would transition into climate change, he instead smirked and said, “My promise, is to help you and your family.”

While this gave any and all perspective of the addiction the GOP has to fossil fuels, Romney’s argument cites technological innovations like fracking have opened the oil interest in the US and there is an abundance of oil and gas we can now reach and thus the United States will be an “energy superpower.”

If there are technological innovations for fossil fuels, then why did Romney rake in $7 million by ExxonMobil CEO Rex Tillerson and other oil and gas executives?

Rex Tillerson, chairman and chief executive of...

Rex Tillerson, chairman and chief executive officer of Exxon Mobile. (Photo credit: Wikipedia)

ExxonMobil Corporation, headquarters located in Irving, Texas, is an integrated global oil and gas company. The company’s operations include exploration and production of oil and gas; refining, transportation and marketing of oil and natural gas; and manufacture and sale of petroleum products.

Romney recently disclosed his so-called “energy plan” during a campaign stop in New Mexico. The plan flaunts being energy independence by 2020, but the buried agenda is achieving this by drilling for oil. The US imports 45 percent of its oil, which gauges out to $1 billion a day going to countries like Saudi Arabia, Nigeria and Venezuela. Incorporated is oil from Canada through the Keystone XL pipeline and drilling in the US on federal lands.

These energy policies claim they will lower energy prices, generate 3 million new jobs, add $500 billion to the gross domestic product, improve tax revenues by $1 trillion and strengthen national security by increasing sovereignty from dependence on foreign energy supplies.

Although Exxon Mobil’s CEO pledged millions of dollars Romney’s campaign, the company also conducts their own research into alternative energy sources.

According to Exxon’s 10-K, they “are conducting [their] own research efforts into alternative energy, such as through sponsorship of the Global Climate and Energy Project at Stanford University and research into hydrogen fuel cells and fuel-producing algae.”

It also states their “future results may depend in part on the success of [their] research efforts…ability to adapt and apply the strengths [to their] current business model to providing the competitive energy products of the future.”

Energy has been an issue on the lips of many voters during this presidential election specifically because of increased gas prices. In favor of President Obama, though, Pew Research released a new study stating a positive for consumers.

According to Pew’s recent study conducted in May 24-27, 2012 among 1,012 adults, “51 percent of the public says that – from what they have seen and heard – the price of gasoline has gone down over the past month. More than four-in-ten, 44 percent, say the price has gone down a little, while 7 percent say it has gone down a lot.”

One company which saw this benefit for their consumers was Exxon Mobile. Within their 2012 2nd Quarter they earned $16 billion and their market cap at $425 billion. Their 52 week range in stock is $73.90 as a low and $93.67 as a high.

According to an analysis report by Global Data, Exxon Mobil expects global energy demand to increase by 30 percent by 2040, as compared to that of 2010 levels. In order to meet such growth in demand, the company intends to develop new supplies of energy, towards which, it plans to invest approximately $185 billion during 2012-2016.

Although this development of new energy could be positive to the environment and the economy, this development could lead to stricter regulations for deep offshore drilling. Like the US Gulf of Mexico oil spill in 2010, environmental rules and standards have changed drastically.

The analysis report states, “The US Gulf of Mexico oil spill [had] a major impact on the future oil and gas policy of the US. The spills…lead to stricter environmental rules and standards for deep water offshore drilling.”

As governor of Massachusetts, Romney battled for environmental controls on a coal plant that was accountable for dozens of premature deaths and 14,400 asthma attacks each year. Declaring the new regulations on coal pollution, Romney declared that he would “not create jobs or hold jobs that kill people.”

However, now that he’s running for president, Romney has developed into a totally owned subsidiary of the fossil-fuel industry. Financed by “Big Oil and Big Coal,” creating jobs that kill people appears is the price America must pay to grow to be an energy superpower.

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One thought on “Romney: My Promise is to Help you and Your Family

  1. Pingback: Oil Giant’s Quarterly Slips « Katherine Iorio

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