NEW YORK/WASHINGTON, D.C.—Supporters of financial transparency are urging the oil industry to drop its attacks on a new law that will reduce corruption and reveal the money trail between industry and governments of countries rich in oil, natural gas and minerals.
To highlight the secret payments that often occur between oil companies and governments, Revenue Watch and other advocates of transparency are advertising in the Wall Street Journal, calling on the public to tell oil companies to stop fighting transparency.
Revenue Watch says there is a strong global movement for more transparency in energy and mining. The European Commission recently introduced a legislative proposal that would require payment disclosures similar to those in Section 1504. The European Parliament and European Commission are currently debating the proposal.
See also the TI report about oil wealth and revolution here
TI Policy Position – Achieving Greater Disclosure in the Oil & Gas Industry