U.S. export credit agencies are providing substantial subsidies to the oil sector. Since 1995, the U.S. Ex-Im Bank has provided $9.8 billion in financing for international oil projects such as oil and gas extraction projects and pipelines, and OPIC has provided $5.4 billion in such financing.
During that period, Exxon Mobil received a combined US$1.76 Billion in financing from Ex-Im and OPIC; Chevron Texaco received a combined $475 million from the two agencies; and BP has received a combined $157 million in financing.(1) These projects fuel global warming, encourage oil dependence, and increase conflict and poverty around the world.
Corporate European Observatory, in Brussels announced on December 13th, 2006 that ExxonMobil was left red-faced today when they topped the polls in the "Worst EU Lobby Awards 2006". The winners of the awards were publicly announced at a ceremony organised by Corporate Europe Observatory, Friends of the Earth Europe, LobbyControl and Spinwatch.
In the "Worst EU Lobbying" category, ExxonMobil was the clear winner, gaining almost half of the votes cast. The oil giant continues to pay climate sceptics to manipulate the climate debate in Brussels, while keeping much of this funding away from public scrutiny.
Civil society organizations are calling for an end to government subsidies of large oil corporations
(1) Figures courtesy of Friends of the Earth USA, from Ex-Im Bank and OPIC primary source data.