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After a request from former President Trump for $1 billion in support of his reelection campaign, leaders in the oil and gas sector began to channel substantial contributions toward him, suggesting the potential financial benefits they might gain. Trump, at an April event, reportedly told these industry figures that their financial backing would be a “deal” for them due to savings on taxes and regulations they could enjoy.
Some executives who attended Trump’s spring fundraisers went on to contribute significant sums to Trump-supporting political committees, marking a shift from previous election cycles. Cheniere Energy’s CEO, Jack Fusco, for instance, provided $250,000 to the Trump 47 Committee in June, as per Federal Election Commission records. This committee then allocated the money between Trump’s campaign and the Republican National Committee (RNC).
During the fundraiser, Trump encouraged energy executives to amass $1 billion to aid his return to the presidency, promising it would be financially beneficial due to anticipated tax and regulatory savings. This claim was reported by The Washington Post, which also noted other significant corporate attendees, although names weren’t specified.
Occidental’s President and CEO Vicki Hollub also appears to have significantly supported Trump in July, donating $41,300 to the RNC via the Trump 47 Committee, in addition to another identical sum on the same day. Records show she also contributed to Trump’s campaign and his leadership PAC.
At a May event, Trump assured oil and gas companies he would scale back the Federal Trade Commission’s oversight of their merger processes. Trump specifically addressed Occidental’s acquisition process, which CEO Vicki Hollub had criticized for delays, according to the Post. However, Occidental declined to comment on the matter when contacted by The Hill.
The May fundraiser was co-hosted by Vicki Hollub alongside other industry leaders like Kelcy Warren and Harold Hamm. Hamm, a prominent Trump supporter, also helped organize the April fundraiser and has a history of donating hundreds of thousands to Trump’s campaigns in 2020 and 2016.
While previously backing Nikki Haley earlier this election cycle, Hamm reverted his support back to Trump in 2020 and 2016. Later in March, Hamm made a $614,000 donation to the Trump 47 Committee, having given $200,000 to a pro-Trump super PAC later in 2023, following his $100,000 contribution to a pro-Haley Super PAC.
Bryan Sheffield, founder of Formentera Partners, revealed to The Hill that Hamm had enlisted him to aid Trump’s efforts. Although initially supporting Haley, Sheffield contributed $844,600 to the Trump 47 Committee in May, a portion of which was funneled to the Trump campaign, the RNC, and Trump’s Save America PAC, as documented in FEC reports.
Sheffield has a complex political stance, having previously supported Hillary Clinton and Austin’s Democratic Mayor, Kirk Watson. His father, Scott Sheffield, was also involved in a high-profile merger cleared by the FTC, which prevented him from joining the board to avoid alleged collusion.
Other energy executives associated with Trump’s fundraisers contributed large amounts to his campaign and aligned organizations. Notably, Kelcy Warren donated $5 million to the pro-Trump super PAC, Make America Great Again Inc., this May, adding to a previous $10 million contribution in 2020. Energy Transfer’s Ray Davis also donated $407,300 to the Trump 47 Committee, distributing the funds across the RNC, Trump’s campaign, and Save America, though his attendance at fundraisers was unreported.
Donations categorized as “soft money” within the oil and gas industry have surged in the 2024 election cycle, already exceeding double the contributions made during the entirety of the 2020 election cycle. These contributions have mostly benefited conservative groups, with OpenSecrets estimating at least $147.7 million donated to political efforts as recorded through October 17.
In response, Karoline Leavitt of Trump’s campaign criticized Kamala Harris for being influenced by environmental extremists pushing for radical energy changes. However, she did not provide a direct response to inquiries regarding financial contributions from executives attending Trump’s events.
For more details, visit the original article on The Hill.