PRIVATE EMPIRE by Steve Coll
Kirkus Star

PRIVATE EMPIRE

ExxonMobil and American Power
Email this review

KIRKUS REVIEW

A thorough, sobering study of the pernicious consolidation of Big Oil.

With admirable restraint, New Yorker contributor and two-time Pulitzer winner Coll (The Bin Ladens: An Arabian Family in the American Century, 2008, etc.) demonstrates how the merger of Exxon and Mobil has allowed the company to wield more power and wealth than even the American government, in the manner of John D. Rockefeller. Exxon had functioned as an independent corporate state since its antitrust break-off from Standard Oil in 1911 and was ranked by profit performance in the top five corporations from the 1950s through the end of the Cold War. With the catastrophic spill of the Valdez in Alaska in 1989, the network of secrecy and internal security within Exxon was exposed but hardly tempered. The iron chief who emerged from the crisis, Lee Raymond, reappraised risk and security within the organization and took a hard line against efforts to extract from it punitive damages. Moving the headquarters to Texas in 1993, the company retrenched in its nose-thumbing determination to encourage and supply America’s thirst for oil, casting around at more far-flung spots in the world that could provide the crude—such as where Mobil held attractive assets, in places like West Africa, Venezuela, Kazakhstan and Abu Dhabi. The Exxon-Mobil merger in 1999 created a global behemoth and also provoked small wars at drilling spots where the poor and disenfranchised deeply resented foreign workers on native soil and disrupted the extraction by violence and insurgency. Raymond and his cohorts’ cynical spin on the denial of global warming and the role of the burning of fossil fuels makes for jaw-dropping reading, as does the company’s cunning manipulations of the war in Iraq to garner an oil deal. The Obama administration’s emphasis on renewable energy sources and environmental concerns has barely challenged the formidable political power of Big Oil.

Leaks, reserves, PACs, hydrofracking, bloated corporate profits and more: all pertinent concerns nicely handled by Coll in this engaging, hard-hitting work.

Pub Date: May 1st, 2012
ISBN: 978-1-59420-335-0
Page count: 688pp
Publisher: Penguin Press
Review Posted Online:
Kirkus Reviews Issue: April 1st, 2012




BEST NONFICTION OF 2012: THE TOP 25:

NonfictionAS TEXAS GOES... by Gail Collins
by Gail Collins
NonfictionI'M YOUR MAN by Sylvie Simmons
by Sylvie Simmons
NonfictionBEHIND THE BEAUTIFUL FOREVERS by Katherine Boo
by Katherine Boo
NonfictionFIRE IN THE ASHES by Jonathan Kozol
by Jonathan Kozol

MORE BY STEVE COLL

NonfictionTHE BIN LADENS by Steve Coll
by Steve Coll
NonfictionEAGLE ON THE STREET by Steve Coll
by Steve Coll

SIMILAR BOOKS SUGGESTED BY OUR CRITICS:

NonfictionTHE BIG RICH by Bryan Burrough
by Bryan Burrough
IndieOIL AND FINANCE by Raymond J. Learsy
by Raymond J. Learsy
NonfictionTHE OIL AND THE GLORY by Steve LeVine
by Steve LeVine