You’ve heard the term “throwing the baby out with the bathwater”? In essence, that’s what the U.S. Securities and Exchange Commission (SEC) did by issuing regulations designed to foster transparency about legal payments U.S.-listed companies make to foreign governments in the course of doing business. Promoting transparency is a good idea, but the SEC’s rules will end up hurting U.S. businesses and may even harm legitimate efforts to increase transparency.
There are a lot of good story lines in the IHS study on unconventional oil and natural gas that I mentioned yesterday, from the millions of new jobs created to the trillions of dollars of investment and tax revenues expected over the next several decades. One aspect of the jobs story to catch my eye is the positive impact that the unconventional resource revolution will have on what the report classifies as blue-collar jobs.
Energy historian Daniel Yergin has a must-read piece in The Wall Street Journal that gives a big-picture view of the unconventional oil and gas revolution transforming the American economy. The Journal piece accompanies the recent publication of a report prepared by Yergin’s IHS consulting group that highlights the economic contribution of dramatically increased oil and gas production from unconventional sources like shale and tight rock. The numbers reported by Yergin and IHS are extraordinary.
At the recent Clinton Global Initiative Annual Meeting, ExxonMobil hosted an engaging discussion on increasing economic opportunities for women around the world. We were delighted that Dr. Condoleezza Rice and Cherie Blair joined us to offer their insights on the challenge of developing business leadership and entrepreneurial skills among women of various cultures.