Corruption and secrecy in the oil, gas and mining industries takes a serious toll on developing and emerging economies. It negatively affects human rights, governance, global development and security.
A provision of the new Dodd-Frank financial reform legislation shines a light on the deals that oil, gas and mining companies make with foreign governments, however oil executives are lobbying the Securities and Exchange Commission for special exemptions for themselves in this new law.
We've compiled a slideshow of the top 10 oil exporting countries and listed the cost that corruption and financial opacity has on each country's economy. This is a serious problem, and we must ensure that the SEC issues strong proposals that don't exempt oil companies from this important law.
Flip through the slideshow and then click here to take action and learn more.
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On the contrary that provision of the Dodd-Frank Act makes a direct reference to EITI, an organization that, as its 2nd principle states: “We affirm that management of natural resource wealth for the benefit of a country’s citizens is in the domain of sovereign governments to be exercised in the interests of their national development.”
Though most of the oil in the US has been exploited by the private sector, and it adheres to free market principles, the US Congress is therefore lending credibility to an organization, which is lending credibility to the notion that oil revenues should be managed by authoritarian petrocrats and oilygarchs like hugo chávez.
As an oil-cursed citizen, fighting for oil revenue sharing, I find that very sad.
http://theoilcurse.blogspot.com/