former president donald trump He made a “very frank and transactional pitch” to oil company executives at a Mar-a-Lago meeting last month, offering $1 billion to his re-election campaign in exchange for tax benefits. It was reported that he would support budget cuts and deregulation in his second term. washington post.
Trump's campaign fundraising lags far behind his Democratic opponent. joe bidenAs of March, he had $155 million in cash, more than three times President Trump's $42 million, and had built a huge war chest. The former president's ongoing court dates and legal fees likewise continue to drain a significant portion of his time and funds, prompting the Trump team to reach out to billionaire donors such as Became. Elon Musk.
It reported that “approximately 20 executives” were in attendance at the Mar-a-Lago dinner in April. postinclude “mike sabelCEO and Founder of Venture Global; jack fusco
CEO of Cheniere Energy, and executives from Chevron, Continental Resources, Exxon, and Occidental Petroleum.
The paper said one of those oil tycoons complained about the burden of environmental regulations the Biden administration has imposed on the industry, despite spending hundreds of millions of dollars on lobbyists. postTrump then responded, leaving those in attendance “stunned.”
Trump's response surprised some executives in the room overlooking the ocean. “You guys are rich enough, you should raise a billion dollars to put me back in the White House,” he said. At the dinner, Mr. He vowed to prevent its enactment. Officials said it would be a “deal” because taxes and regulations would be avoided thanks to President Trump.
of post The article goes on to detail the differences between Biden and Trump's approaches to environmental and energy industry regulation, noting:[d]”Despite the oil industry's discontent with Biden's policies, the United States currently produces more oil than any other country, pumping an average of nearly 13 million barrels per day last year.” Energy companies ExxonMobil and Chevron are making money.Largest annual profit in the past 10 years
2023.
But what President Trump is promising is an “even bigger windfall” for these companies, with cash boosted by new offshore drilling permits, expedited reviews of permit applications, and the loosening or elimination of Biden-era regulations. That will happen.
So far, President Trump's requests have not yielded much fruit, with oil industry allies contributing less than $7 million to President Trump's Community Chest Committee in the first quarter of 2024. harold hamBillionaire shale oil tycoon who was an energy advisor to mitt romney's Presidential campaign organizers “expect big checks'' [Trump’s] '' one oil executive reported. post He said it was “natural” for people in the industry to open their wallets for Trump now that he has secured the Republican nomination.
