Trump asked oil executives for money for 2024 election in deal worth $110 billion: reports

A billion dollars would significantly exceed Biden’s fundraising. In March, the presidential campaign said it had $192 million in the bank.

The Guardian reports that Trump assured these leaders that in exchange for campaign cash, he would remove barriers to drilling, lift the moratorium on gas exports and roll back regulations aimed at reducing auto pollution in exchange for substantial campaign donations.

The alleged offer could save the oil industry $110 billion, The Guardian said. The exclusive dinner, held at Mar-a-Lago last month, hosted more than 20 executives from major oil companies, including Chevron, Exxon and Occidental Petroleum, which was the scene of the transactional deal, according to the Washington Post.

The main incentive for oil and gas companies to support Trump is the continuation of about $110 billion in tax breaks, which would be at risk if President Joe Biden is re-elected, The Guardian reported.

Trump sought to woo oil and gas tycoons

Since taking office, Biden has placed a high priority on climate issues, touting tax credits for Americans to purchase electric vehicles and promoting rebates to make homes more energy efficient.

On his first day at the White House, Biden rejoined the Paris climate agreementbringing the United States among nearly 200 countries that have committed to reducing their greenhouse gas emissions.

Biden, also canceling the Keystone XL pipeline and also canceling oil and gas leases in the Arctic National Wildlife Refuge (ANWR) in northeast Alaska, which Trump said have weakened the United States in terms of energy policy.

Lukas Ross, an activist at Friends of the Earth Action, who led the analysis shared with The Guardian, highlighted the issues: “Big oil executives are worried about losing $110 billion in tax benefits under the Biden’s policies in 2025. Trump’s promise to safeguard these subsidies during tax negotiations, his billion-dollar fundraising effort could appear as a minimal investment for the industry. »

Trump’s 2017 tax cuts significantly benefited the oil and gas sector. While some of these cuts will expire next year, intense lobbying efforts are underway. Records show that major oil companies and the American Petroleum Institute (API) actively engaged lawmakers to oppose Biden’s tax proposals.

The high-stakes Mar-a-Lago event brought together executives from small businesses specializing in areas such as hydraulic fracturing and gas exports, which are particularly vulnerable to regulatory changes.

Trump continues to court oil industry donors, holding expensive fundraisers with figures like John Catsimatidis, whose refinery has a poor safety record, The Guardian said.

In November, BI’s John L. Dorman reported that Trump was seeking to convince oil and gas tycoons to support his presidential campaign.

“Trump 2024 is actively courting the right people and trying to bring them on board, but particularly the oil industry,” Canary LLC Chief Executive Officer Dan Eberhart told the Washington Post last year.