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Mobil Corporation Announces Opposition To Dumping & Contervailing Duty Petitions

20 July 1999

Mobil Corporation Announces Opposition To Dumping & Contervailing Duty Petitions

    FAIRFAX, Va.--July 19, 1999--Mobil Corporation today announced it has urged the U.S. Department of Commerce to dismiss the dumping and countervailing duty petitions filed last month against crude imports from Saudi Arabia, Venezuela, Mexico, and Iraq.
    Mobil Chairman and Chief Executive Officer, Lucio A. Noto, said, "Given the competitive nature of the global commodity marketplace, where millions of barrels of oil are traded every day, it's virtually impossible to understand how a handful of countries can manipulate the price of a commodity like crude oil. The marketplace sets the price of crude and should be allowed to work for consumers."
    Mobil - along with a number of other U.S.-based oil producers - has questioned whether the petitioners have the requisite "standing" to bring such claims. Commerce Department rules require the petitioners to demonstrate that they represent at least 25 percent of domestic oil production in the U.S. and that companies representing at least 50 percent of domestic production support the petitions.
    "Mobil has a long tradition of supporting free and open trade - and this issue is no different," Noto said. "Imposing duties on imported oil will result in American consumers paying more for everything from gasoline to airline tickets."