This move has been hailed by those who view the decarbonization agenda as a threat to freedom, prosperity, and mobility. However, the reaction from major oil companies, traditionally seen as adversaries of the global climate movement, has been surprisingly contrary.
Following Trump's announcement of his intentions regarding the Paris agreement, major oil companies expressed their disagreement. They advocate for the continuation of stringent regulation and government subsidies for their industry, aligning with the objectives of the global climate community. As reported by Fox News, these oil giants are urging President-elect Donald Trump to maintain the U.S.'s commitment to the Paris climate agreement, a treaty he had previously withdrawn from during his first term.
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This shift in stance is disconcerting, as it signifies the transformation of a once-iconic American oil company into an entity heavily reliant on government funding for its revenue.
The question arises: why would companies whose main business revolves around extracting and selling petroleum align with an unelected body that is openly antagonistic towards oil and committed to achieving "net zero" production within a generation?
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Regrettably, this stance is a betrayal to those who have long championed Big Oil as a bastion of capitalism. The actions of these oil giants now seem to be in stark contradiction with the principles of free-market economics.
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By endorsing government-imposed climate compliance, major oil companies can eliminate competition from smaller entities in the short term, thereby consolidating their market dominance. In the long run, they aim to secure government grants and subsidies for carbon-related initiatives, positioning these as a significant source of revenue.
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ExxonMobil, for instance, has made it abundantly clear that it views the government as its future largest customer, carbon-related initiatives as its primary product, and government funding as its main source of revenue. In the short term, the company seeks to leverage government power, under the Paris Climate Agreement, to eliminate competition from independent oil producers.
According to The Wall Street Journal, ExxonMobil CEO Darren Woods opposes Donald Trump’s plan to withdraw from the climate accord. Woods argues against the withdrawal, citing ExxonMobil’s efforts to expand outreach to government officials and advocate for “global carbon accounting measures.”
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While the specifics of “global carbon accounting” remain unclear, it seems far removed from real-world generally accepted accounting principles. It is reasonable to assume that this concept involves government officials distributing taxpayer money to favored entities — a group Woods clearly intends for ExxonMobil to join.
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The Wall Street Journal further reports that ExxonMobil and other major oil companies are lobbying the incoming GOP leadership to preserve tax credits included in Joe Biden’s “signature climate law,” the Inflation Reduction Act. These credits reward technologies like carbon capture, in which the companies are heavily invested.
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The Inflation Reduction Act is a boon for Big Oil’s carbon-related projects. During an energy conference last March, Woods voiced his support for the legislation, stating, “I was very supportive of the IRA — I am very supportive of the IRA …”
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In simple terms, ExxonMobil wants more taxpayer money and federal tax credits to fund its carbon mitigation initiatives. Meanwhile, small, independent drillers in West Texas are left out of these taxpayer subsidies. ExxonMobil, by contrast, is angling to make taxpayer subsidies a major source of revenue.
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The Guardian in August highlighted how ExxonMobil has pivoted its business strategy to heavily rely on government subsidies for its carbon capture and storage operations. The company launched its Low Carbon Solutions division in 2021 and began lobbying for direct government funding. Through the Inflation Reduction Act, ExxonMobil secured a subsidy of $85 per ton of captured carbon. Dan Ammann, head of the Low Carbon Solutions unit, said the carbon capture business could eventually become “larger than ExxonMobil’s base business.”
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It’s disheartening to see a once-iconic American oil company transform into a post-capitalist entity that depends heavily on government funding for its revenue.
However, Trump’s selection of Chris Wright as energy secretary offers a glimmer of hope for the American petroleum industry.
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In the oil patch, Wright’s appointment has been met with much rejoicing. As the founder and CEO of Liberty Energy, Wright understands well the challenges faced by independent oil producers. Unlike major oil company executives who apologize for their industry and align themselves with climate activists, Wright unapologetically defends the petroleum sector. Described as a “dedicated humanitarian on a mission to better human lives by expanding access to abundant, affordable, and reliable energy,” Wright has earned respect across the industry.
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But Wright’s fight to protect American oil won’t just involve battling left-wing advocates of net-zero policies. He will also face opposition from major oil company executives who have aligned with radical climate agendas, working to suppress independent producers while ceding control of the oil business to the government. He’ll need all the help he can get.
