The three largest U.S. energy exploration companies—Exxon Mobil, Chevron, and ConocoPhillips—paid over $42 billion to foreign governments, highlighting the disparity in revenue from U.S. resources.
'The truth is, here in the U.S., we get one of the worst deals for the extraction of our natural resources,' stated Michelle Harrison, emphasizing the inequity in natural resource management.
Exxon alone paid $22.5 billion in taxes and royalties overseas while making only $2.3 billion in U.S.-based payments, showing a significant imbalance in revenue distribution.
The SEC's new requirement aims to hold Big Oil accountable, unveiling the extent of foreign transactions and ensuring U.S. taxpayers are not shortchanged.
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