Oil & Gas News

Trump Raises Millions, Promises Oil Industry Support

Trump, Fundraiser, Texas, Oil, Gas

Republican presidential candidate Donald Trump raised tens of millions of dollars during a fundraising swing through Texas this week. Trump promised his supporters that he would back the oil and gas industry by supporting new pipeline projects and restoring fracking on federal land if elected. Trump has consistently courted support from the energy sector, promoting a pro-fossil fuel and anti-regulation agenda. He regularly criticizes President Joe Biden’s policies aimed at accelerating the transition to a low-carbon economy.

Despite the increased regulation and the more climate-focused administration under Biden, the oil and gas industry has continued to thrive, making record profits and producing more oil and gas than ever before. However, the industry has also pushed back against some of Biden’s policies, such as the ban on fracking on federal land and a recent halt in approving new gas export facilities.

The highlight of Trump’s fundraising efforts in Texas was a Houston fundraiser on Wednesday, hosted by some of the biggest names in the oil industry. This included oil billionaires Jeff Hildebrand, founder of Hilcorp Energy (the largest closely held U.S. oil firm); George Bishop, founder of GeoSouthern Energy; Harold Hamm, founder of Continental Resources; and Kelcy Warren, head of pipeline firm Energy Transfer Partners.

Get the Weekly Newsletter Thousands of Mineral Rights Owners and Investors Rely On.

During the fundraiser, Trump received standing ovations when he promised to get more natural gas pipelines built and to restore fracking in areas that have been restricted under Biden. Mark Carr, a Houston entrepreneur who attended the event, shared that Trump’s commitment to the energy industry was well-received. Carr, the founder of the Houston-area Christian Brothers Automotive chain, said, “He’s going to get energy going again in the United States.”

Another attendee, who chose to remain anonymous, reported that Trump criticized the current reliance on Venezuelan “tar” oil, emphasizing the need for America to use its own oil resources instead. Under Biden, the United States has resumed limited imports of Venezuelan crude for processing at U.S. refineries.

Donor and oil executive Dan Eberhart, who was also present at the Houston event, noted that Trump emphasized tax cuts for the industry, “streamlining” the permitting process, and removing certain regulations. Eberhart echoed Trump’s sentiment by stating, “We can drill our way to energy security and low gas prices.”

Mineral Rights, Sell Mineral RightsThe Houston fundraiser was organized by the Trump 47 Committee, a collaborative effort involving the Trump campaign, the Republican National Committee, a fundraising group that has spent tens of millions on Trump’s legal fees, and various Republican state parties. The events in Texas included a luncheon, a smaller roundtable with about 45 executives, and a fundraising event in Dallas on Wednesday night.

According to a Trump campaign official, the Texas swing brought in at least $15 million. Two sources told Reuters that the total amount raised during the various Texas events was around $40 million, although Reuters was not immediately able to confirm this figure.

After a series of high-dollar donor events across the country, Trump managed to surpass Biden in fundraising last month for the first time. Meanwhile, the U.S. Senate finance and budget committees launched an investigation into Trump’s reported offer to roll back a slew of environmental regulations in exchange for $1 billion in campaign contributions. This investigation followed a request from the top Democratic lawmaker on a U.S. House oversight panel for information from nine oil companies regarding reports of “quid pro quo propositions” made by Trump at a campaign event this spring at his Mar-a-Lago resort in Florida.

The Texas fundraisers were high-priced affairs. Host committee members were asked to pay $250,000 per couple and agree to raise an additional $500,000, according to the invitations. The chair position required a donation of about $845,000 per couple, along with an additional fundraising commitment of $1.69 million.

An after-luncheon roundtable attracted notable attendees, including Occidental Petroleum CEO Vicki Hollub and Houston entertainment and sports magnate Tillman Fertitta, who owns the hotel where the event was held. These attendees were offered an opportunity to participate in a question-and-answer session with Trump.

North Dakota Governor Doug Burgum, a former Trump rival for the Republican nomination and now a potential running mate, was also present at the Houston event. Teofilo Lingi, chief operating officer of EK-Petrol, praised Trump for his positive impact on the oil industry and relations with Angola, where his trading and oil exploration company is based. Lingi pointed out that stricter environmental regulations since Trump’s term in office have made it more challenging to import from Angola, citing increased customs duties as a significant hurdle.

To Top
Lease or Sell Your Minerals Rights in Oklahoma or Texas ➡️(405) 492-6277

Have your oil & gas questions answered by industry experts.