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Article

11 May 2010

Author:
Ben Geman, The Hill [USA]

Wall Street fight tests oil’s clout after BP spill [USA]

A proposed amendment to the Senate’s Wall Street reform legislation...will test the oil industry’s political clout following the Gulf of Mexico spill.
 The industry is opposing efforts by Sens. Ben Cardin (D-Md.) and Richard Lugar (R-Ind.) to require oil, gas and mining companies to disclose payments made to foreign governments... The amendment’s backers say that greater “transparency” would help ensure that wealth from development flows to the public in energy-rich countries in Africa and elsewhere... But...the American Petroleum Institute (API) and other large business groups charge that the new reporting rules would be both ineffective in fighting corruption by foreign governments and harmful to U.S. companies... The U.S. Chamber of Commerce and the National Association of Manufacturers are also fighting the measure... Ian Gary of Oxfam America...[said,] “The industry as a whole needs to be more transparent both about its environmental practices and how it conducts its operations, but also its financial dealings.”.. Advocates of the amendment say increased transparency of payments will help reverse the “resource curse” in which energy- and mineral-rich nations are plagued by high levels of corruption, conflict and poverty. [refers to Gazprom, China National Petroleum Company (CNPC)]