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US Urged to Keep Eye on US Firms Abroad

Oil storage tanks that are part of the Chevron Burnaby Oil Refinery are shown on the shores of Burrard Inlet in this view from Burnaby, British Columbia April 29, 2008.
(Andy Clark/Reuters)

WASHINGTON, Sep 25 (OneWorld) - It's time to shed light on the way U.S. companies in charge of oil, gas, and mining operations in developing countries are spending their money, according to testimony at two Capitol Hill hearings Wednesday.

Many countries with vast oil and mineral wealth experience a "resource curse," because "competition for control of these resources has more often fuelled corruption and inequality than growth and development," said Sen. Russ Feingold of Wisconsin, speaking at the Senate Foreign Relations Committee's Africa Subcommittee.