Trump chooses Tillerson, CEO of ExxonMobil, as Secretary of State
By Alex Cull - Marketing Manager
President-elect Trump has made many heads turn since his surprise win at the US elections in November. One announcement that has rattled many cages however is the announcement of Rex Tillerson as Secretary of State for Trump once he takes his position in the White House in January 2017.
As the CEO of one of the largest oil producers in the world, and with alleged links to US-Russian oil companies headquartered in the Bahamas, there are obvious reasons why critics are sceptical of this latest White House seat allocation. The Dow Jones Index for Oil & Gas reflected this when it dropped over 14 points in the 24 hours that preceded the President-elect’s announcement.
The market has been slowly increasing from this dip with the market closing on Friday 16th December at 629.78 (compared to the 630.57 it saw on the 12th December prior to Tillerson being announced as Secretary of State). With Tillerson being chosen by Trump due to his “tenacity [and] broad experience”, the US oil markets will, like many other industries, be in for an interesting 4 years.
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