Rex Tillerson, after 10 years at the helm of ExxonMobil, is leaving behind a company with much lower revenues than when he took over, higher long-term debt, lower payouts to shareholders and declining cash reserves.
ExxonMobil during Tillerson's tenure has also had to scale back its oil-reserve numbers as a prolonged oil price decline has rendered its Canadian oil-sands reserves uneconomic. The company, in other words, has become a smaller company under Tillerson. His nomination to the US State Department is a de facto oil-industry bailout.
Too much money is being wasted on corporate welfare, when there are far better ways for the US Government to spend the taxpayers' dollars.
We the undersigned call upon you to veto any and all bailouts of the oil industry. Fossil fuel is on the way out, while more and more people and countries are increasingly relying on renewable energy. The sooner the United States weans itself off limited and polluting fossil fuels, the sooner we can be truly energy independent. There are much better ways to spend US taxpayers' money than throwing it away on a lost cause.
