Stories

Ben Geman Jan 30
SaveSave story

What's driving Exxon's $50 billion spending surge in U.S.

ExxonMobil CEO Darren Woods speaking at a conference in 2017
ExxonMobil CEO Darren Woods delivers a speech in June 2017. Photo: Sefa Karacan / Anadolu Agency / Getty Images)

Oil-and-gas behemoth ExxonMobil's newly announced plan to invest $50 billion in the U.S. over five years became quickly entangled in Beltway politics Monday — with an assist from the company itself.

Why it matters: Top Republicans, going further than the company's announcement, promoted the spending as a direct result of the new tax overhaul. The messaging burst shows how business decisions are now tethered to the volatile politics of the GOP's biggest win of the Trump era.