Trump sought $1 billion from oil execs for his 2024 campaign in a deal worth $110 billion to energy giants, reports say

  • Trump is alleged to have sought $1 billion from oil executives at Mar-a-Lago for his 2024 campaign.

  • He promised to lift drilling barriers, gas export moratoriums, and pollution regulations.

  • Oil companies risk losing $110 billion in tax breaks if Biden's budget is enacted, said The Guardian.

Donald Trump is alleged to have made a $1 billion fundraising pitch to oil executives in a closed meeting, The Washington Post reported earlier this month, in exchange for $110 billion in savings, according to The Guardian

Trump's forward approach came as reports suggested the size of his reelection campaign war chest lags behind his Democratic opponent. The former president, who is facing 88 criminal counts, indicted in four separate prosecutions, has been spending millions on legal fees and drawing on campaign funds to pay his lawyers.

A billion dollars would dramatically exceed Biden's fundraising. In March, the president's campaign said it had $192 million in the bank.

The Guardian reports that Trump assured these executives that in return for the campaign cash he would eliminate barriers to drilling, lift the moratorium on gas exports, and overturn regulations designed to reduce automotive 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 the Mar-a-Lago last month, hosted more than 20 executives from leading oil companies, including Chevron, Exxon, and Occidental Petroleum was the scene of the transactional deal, Per The Washington Post..

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

Trump was on a quest to woo oil and gas tycoons

Keystone XL pipeline
A depot used to store pipes for Transcanada Corp's planned Keystone XL oil pipeline in Gascoyne, North DakotaTerray Sylvester/Reuters

Since taking office, Biden has placed a high priority on climate issues as he's touted tax credits for Americans to purchase electric vehicles and promoted rebates to make homes more energy efficient.

On his first day in White House, Biden rejoined the Paris climate accord, bringing the United States back into fold among nearly 200 countries that have pledged to cut greenhouse gas emissions.

Biden, in also canceling the Keystone XL oil pipeline and oil and gas leases in the Arctic National Wildlife Refuge (ANWR) in northeastern Alaska, that Trump says have weakened the United States on energy policy.

Lukas Ross, a campaigner at Friends of the Earth Action, who conducted the analysis shared with The Guardian, emphasized the stakes: "Big oil executives are anxious about losing $110 billion in tax benefits under Biden's policies in 2025. Trump's promise to safeguard these subsidies during tax negotiations could make his $1 billion fundraising effort seem like a minimal investment for the industry."

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

The high-stakes Mar-a-Lago event featured executives from smaller firms specializing in areas like fracking and gas exporting, which are particularly vulnerable to regulatory changes.

Trump is continuing to court oil industry donors, holding high-cost fundraisers with figures like John Catsimatidis, whose refinery has a poor safety record, said The Guardian.

In November, BI's John L. Dorman reported that Trump was on a quest to woo oil and gas tycoons into backing his presidential campaign.

"Trump 2024 is actively courting the right people and trying to get them on board, but specifically the oil industry," Canary LLC chief executive Dan Eberhart told the Washington Post last year.

Read the original article on Business Insider