CSR strategy in the oil and gas industry Term Paper

CSR strategy in the oil and gas industry - Term Paper Example Presently, most of the oil drilling companies have set shop in hostile waters, deeper in the sea, which has resulted in numerous achievements over time in the industry. Petroleum is a crucial element to the economy with numerous applications across all industries, and it is, therefore, critical to maintain the supply to drive the global economy. Apart from driving the global economy, the industry provides employment opportunities to thousands of worker around the world. In the United States, the industry provides employment to about 9 million people, which accounts for 5% of the country’s total employment. In addition, oil and gas industry tops the list of revenue generation through taxation, and its contribution to the national economy was over $1 trillion in 2007, about 7.5% of the US gross domestic product (COGA, n.d.). Among the key players in the oil and gas industry in the US include Exxon Mobil Corporation, British Petroleum, Chevron Corporation, Total, and Royal Dutch Shell among others. This Corporation was formed in 1999 following a merger between Exxon and Mobil, to form the largest company in the world (Corporate Watch, n.d.). The merger was aimed at consolidating the economic position of both companies in the oil and gas industry, and enhances the company’s ability to remain an effective competitor in a highly volatile global economy. The Exxon Mobil Corporations net worth is over $264 billion, which makes it the largest in the oil and gas industry (BERA, 2010). Individual companies allied to the merger have been actively involved in heavy exploration and development around the world, with drilling expeditions in the Middle East, Gulf of Mexico, Asia and Africa. The company specializes in the extraction, manufacture and marketing of petroleum and other petroleum products. The corporation holds a sizeable deal of resources that aid in the refining and marketing of its products, with affiliated companies