Thursday, April 17, 2003

Dangerous Liaisons In The Oil Industry

In a new Forbes article, Daniel Fisher takes a look at some of the truly indefensible alliances the oil industry strikes up with corrupt elites around the world. unapologetic about making deals with regimes that lean toward the diabolical. It's the price of securing oil supplies for U.S. consumers, he says. All he can do is ensure that ExxonMobil doesn't violate the Foreign Corrupt Practices Act by directly bribing officials of other governments. (Congress passed that law in 1977 after spectacular revelations--including the fact that Exxon's Italian unit had paid out $50 million to labor unions and political parties in the 1960s and early 1970s.) "Resisting corruption at all levels and in every country is the standard of this outfit, and once people understand that, it's amazing how you don't have to deal with it very much," Raymond says. Noting the reporter's raised eyebrows, he adds, "You do get some projects stolen away, but my reaction is: If that's the way it is, that's the way it is."

There is a ton of information in this expose. Be sure to check it out.