Topline
Former President Donald Trump suggested oil and gas executives donate $1 billion to his campaign during a dinner at Mar-A-Lago last month while simultaneously proposing rollbacks to environmental regulations enacted by President Joe Biden, according to multiple reports—and campaign finance data show the industry is already making clear Trump is its preferred candidate.
Republican presidential candidate former President Donald Trump during a joint press conference with ... [+]
Key Facts
The oil and gas industry has donated $7.3 million this election cycle to Trump’s campaign and outside groups backing his candidacy, according to OpenSecrets, citing Federal Election Commission filings as of April 22, compared to $537,000 in support of Biden—accounting for more than half of the $13 million it’s given to presidential candidates this election cycle.
Trump’s one-time challengers, former South Carolina Gov. Nikki Haley and political groups backing her candidacy also received $3 million, while Florida Gov. Ron DeSantis and political groups supporting him received $1.3 million.
At the dinner, Trump promised he would lift a moratorium on permits for liquefied natural gas exports on his “first day” in office, undo the Biden administration’s limitations on drilling in the Alaskan Arctic and pave the way for more drilling in the Gulf of Mexico, the Washington Post reported, citing sources familiar with the meeting.
Trump then suggested he should be compensated for the industry-friendly proposals in the form of a $1 billion donation to his campaign, what he said would be a “deal” compared to the benefits he would bring the industry.
The industry vastly upped its contributions to Trump’s campaign in 2020 ($14.9 million), compared to what it gave in 2016 ($1 million), after he enacted a series of industry-friendly policies, including nominating then-ExxonMobil CEO Rex Tillerson as his secretary of state, allowing drilling in Alaska’s Arctic National Wildlife Refuge (something Biden reversed), speeding up the project review process under the National Environmental Policy Act, and ultimately reversing more than 100 environmental regulations, according to a 2021 New York Times analysis.
Big Number
96%. That’s the share of oil and gas industry donations to Republicans this election cycle, compared to 84% in 2020.
Crucial Quote
“Biden constantly throws a wet blanket to the oil and gas industry,” Dan Eberhart, a Trump donor and CEO of the oil-field services company, Canary, told the Washington Post. “Trump’s ‘drill baby drill’ philosophy aligns much better with the oil patch than Biden’s green-energy approach. It’s a no-brainer.”
Surprising Fact
Trump floated the possibility of deploying a similar quid pro quo tactic with the oil industry during his 2020 campaign, making the hypothetical suggestion during an Arizona campaign rally that he could offer Exxon permits in exchange for a $25 million donation. “But you know what? I don't want to do that. Because if I do that, I'm totally compromised,” he said at the time.
Contra
Biden has taken more than 300 actions to combat climate change, preserve the environment and promote public health and clean energy, according to an an analysis by a coalition of conservation groups, including canceling the controversial Keystone XL Pipeline project and passing a host of provisions to accelerate clean energy production as part of his signature climate law, the Inflation Reduction Act. Despite those policies, many of which won’t impact the industry for years to come, U.S. oil and gas production has reached a record high under Biden as producers have increased efficiencies and prices have rallied since the Russia-Ukraine war interrupted the global energy market.
Key Background
Trump made the controversial pitch before about two dozen industry executives, according to the Post, including Cheniere Energy CEO Jack Fusco, Venture Global CEO and founder Mike Sabel and others attendees from Chevron, Exxon, Continental Resources and Occidental Petroleum. In addition to rollbacks to drilling regulations, Trump reportedly also proposed reversing Biden’s push for more electric vehicle manufacturing. Trump’s fundraising push comes as Biden is beating him in the money game and has Trump’s political operation has spent tens of millions paying his legal expenses in his various criminal and civil cases.
Further Reading
Donald Trump Is the Oil and Gas Industry’s Top Choice for President (Bloomberg)
‘A little bold and gross’: Oil industry writes executive orders for Trump to sign (Politico)
At a Dinner, Trump Assailed Climate Rules and Asked $1 Billion From Big Oil (New York Times)
