Washington Babylon — May 11, 2010, 9:44 am

As Oil Pours Into Gulf, Oil Industry Fights Anti-Corruption Measure

It takes real balls for the oil industry to fight against transparency and accountability in the middle of a massive oil spill, but that’s precisely what the American Petroleum Institute (API) is doing at the present moment. Even as the spill pours vast quantities of oil in to the Gulf and threatens Louisiana’s wetlands, API is working hard to defeat an amendment that would require all oil, gas, and mining companies registered with the U.S. Securities and Exchange Commission to report how much they pay foreign governments for access to resources. The amendment, which supporters are trying to attach to the financial reform bill, is modeled on the Energy Security through Transparency Act, which was introduced last fall by Senators Ben Cardin and Richard Lugar.

“While API supports the goals of the amendment, we oppose the unilateral approach to revenue disclosure taken in the amendment, API feels that requiring only U.S-listed extractive companies to disclose revenues creates a competitive disadvantage for these companies in the global energy marketplace,” the Institute said in a letter to key lawmakers last week. In other words, API opposes the goals of the amendment.

Senator Cardin’s staff offered a rebuttal of the API argument, noting that the amendment applies to a large number of foreign companies as well as U.S.
firms and that it “levels the playing field” because it would require openness about payments to countries that currently offer little or no transparency at all, such as Russia, China, Burma, and Cambodia.

“While BP in particular and the oil industry in general are fighting a PR battle regarding the Gulf of Mexico spill, they are also fighting a political battle on Capitol Hill to ensure that much of their financial transactions around the world remain shrouded in secrecy,” says Ian Gary, senior policy manager for Extractive Industries at Oxfam.

Share
Single Page

More from Ken Silverstein:

From the November 2013 issue

Dirty South

The foul legacy of Louisiana oil

Perspective October 23, 2013, 8:00 am

On Brining and Dining

How pro-oil Louisiana politicians have shaped American environmental policy

Postcard October 16, 2013, 8:00 am

The Most Cajun Place on Earth

A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits 

Get access to 165 years of
Harper’s for only $45.99

United States Canada

CATEGORIES

THE CURRENT ISSUE

August 2015

In the Shadow of the Storm

= Subscribers only.
Sign in here.
Subscribe here.

Measure for Measure

= Subscribers only.
Sign in here.
Subscribe here.

The Trouble with Israel

= Subscribers only.
Sign in here.
Subscribe here.

A Camera on Every Cop

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

Post
“The campaign music stopped. Hundreds of people, their faces now warped by the dread of a third bomb, began running for cover.”
Photograph © Guy Martin/Panos.
Article
Part Neither, Part Both·

= Subscribers only.
Sign in here.
Subscribe here.

“Eight months pregnant I told an old woman sitting beside me on the bus that the egg that hatched my baby came from my wife’s ovaries. I didn’t know how the old woman would take it; one can never know. She was delighted: That’s like a fairy tale!”
Mother with Children, by Gustav Klimt © akg-images
Article
What Recovery?·

= Subscribers only.
Sign in here.
Subscribe here.

“Between 2007 and 2010, Albany’s poverty rate jumped 12 points, to a record high of 39.9 percent. More than two thirds of Albany’s 76,000 residents are black, and since 2010, their poverty rate has climbed even higher, to nearly 42 percent.”
Photograph by Will Steacy
Article
Rag Time·

= Subscribers only.
Sign in here.
Subscribe here.

From a May 23 commencement address delivered at Hofstra University. Doctorow died on Tuesday. He was 84.
“We are a deeply divided nation in danger of undergoing a profound change for the worse.”
Photograph by Giuseppe Giglia
Article
The Trouble with Israel·

= Subscribers only.
Sign in here.
Subscribe here.

“We think we are the only people in the world who live with threat, but we have to work with regional leaders who will work with us. Bibi is taking the country into unprecedented international isolation.”
Photograph by Adam Golfer

Ratio of money spent by Britons on prostitution to that spent on hairdressing:

1:1

A German scientist was testing an anti-stupidity pill.

A Twitter spokesperson conceded that a “Frat House”–themed office party “was in poor taste at best.”

Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!

HARPER’S FINEST

Subways Are for Sleeping

By

“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”

Subscribe Today