Big Oil and Beyond: A Deep Dive into ExxonMobil’s Global Reach
Big Oil has long been associated with the idea of large multinational corporations controlling the global economy and their influence and size are certainly a testament to their success. But the scope of their power has never been so clear as with the industry giant, ExxonMobil. The company’s reach is so wide that it is hard to deny its presence and its prominence in the industry.
In this article we will take a deep dive into what makes ExxonMobil such a huge and influential power in the global marketplace. We’ll look at the company’s history, its operations, its impact on the environment, and its involvement in global politics.
History of ExxonMobil
ExxonMobil is one of the world’s largest publicly traded oil and gas companies and is the result of a merger between Exxon and Mobil in 1999. It is a direct descendant of the Standard Oil Company, a monopoly formed by John D. Rockefeller in 1870. For over a century, Standard Oil dominated the industry, and even after it was broken up in 1911 to create what later became Exxon and Mobil, the two companies still made up 40% of the oil and gas market in the United States.
ExxonMobil’s size lends it a tremendous advantage in the global energy market. The company produces 4.2 million barrels of oil and gas every day and has operations in more than 140 countries around the world. It has the largest publicly made oil and gas reserves in the world, with an estimated value of $346 billion in 2020.
ExxonMobil’s Operations and Impact
In addition to its traditional oil and gas operations, ExxonMobil also explores for and produces coal, nuclear, geothermal, solar, and wind energy sources. Though the company mainly focuses on oil and gas, its investments in clean energy sources are slowly increasing as it looks to reduce its carbon footprint.
ExxonMobil’s operations have a massive impact on the global economy. On average, the company produces 8% of all the oil and natural gas coming from the US and Canada, and its share of global oil and gas production puts it among the top three largest producers in the world. Its main activities also account for over $50 billion in annual profit and revenues.
ExxonMobil and the Environment
The environmental impacts of ExxonMobil’s operations are far-reaching and can’t be ignored. The company has been accused of degrading local ecosystems, dumping toxic waste, and releasing hydrocarbons and other pollutants into the atmosphere. Its activities are thought to have contributed to climate change, ocean acidification, and air pollution, all of which threaten the health and safety of communities around the world.
However, ExxonMobil has committed to taking steps to reduce its environmental impact. The company has invested $7 billion into research and development of green technologies and has publicly set a goal of reducing greenhouse gas emissions from its upstream operations by 2025. It has also expanded its investments in renewable energy sources, with a goal of producing up to 20% of its production from renewables and other non-petroleum sources.
ExxonMobil and Politics
ExxonMobil has long been a major player in US politics, donating millions of dollars to political figures over the years, including both Republicans and Democrats. The company’s lobbying efforts are largely focused on protecting its business interests and pushing for pro-fossil fuel policies.
ExxonMobil has also been accused of attempting to influence public opinion by funding climate change denial and attempting to discredit the validity of climate science. In recent years, it has faced numerous lawsuits related to climate change, but so far, none of these have been successful.
ExxonMobil is a powerful and influential force in the global energy market and its impact on the environment and in the political arena cannot be overstated. The company’s size and operations make it a major player in many different parts of the world, and its commitment to reducing its environmental impacts is a sign that it is beginning to recognize the need for change. There is still more work to be done as the world transitions toward a more sustainable energy system, but ExxonMobil is certainly a major part of that shift.
