ExxonMobil plans to invest $50 billion in America in the next 5 years, thanks to the tax plan

ExxonMobil and American flag.
(Image credit: Eric Thayer/Getty Images)

ExxonMobil announced Monday that it plans to invest $50 billion in the United States in the next five years, citing President Trump's tax plan, CNBC reports. "[W]e will be investing billions of dollars to increase oil production in the Permian Basin in West Texas and New Mexico, expand existing operations, improve infrastructure, and build new manufacturing sites," wrote CEO Darren Woods in a statement. "This will create thousands of jobs, strengthen the U.S. economy, and enhance energy security."

Exxon's announcement is the latest in a slew of them, stemming from the approval of the tax legislation last year. Apple announced earlier this month that it will bring back "the vast majority of the $252 billion in cash that it held abroad and said it would make a sizable investment in the United States," The New York Times reports. Other companies, including Comcast and Boeing, announced bonuses for employees after the legislation passed.

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Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.