Exxon Mobil Chooses Texas over Taxes

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This morning Exxon Mobil announced a multibillion dollar investment in San Patricio County, Texas. The petrochemical plant will be the site of the world’s largest ethylene cracker plant, and will provide the building blocks for polyester, anti-freeze, plastic bottles, and food packaging to emerging global markets. The San Patricio County site was selected over two potential sites in the state of Louisiana. This is yet another major win for Texas and a loss for Louisiana.

Once completed, the new investment will produce 600 new full time jobs, 3500 indirect jobs, as well as countless jobs during the construction of the plant. It is expected to generate more than $22 billion in economic output during construction and more than $50 billion in its first 6 years of operation.

Republican Delegation Chairman Lance Harris (R-Alexandria) said, “This is a sad day for Louisiana. What was once an attractive state for the oil and gas industry has now become a beacon of instability. The coastal lawsuits were a major warning sign that the legal environment is only getting worse. Talk of major tax changes that will cripple businesses in the state was likely the final straw”…

 

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Posted in: LOGA News

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