Arati Somasekhar
HOUSTON (Reuters) – Republican presidential candidate Donald Trump raised tens of millions of dollars at a fundraiser in Texas this week, promising he would support the oil and gas industry by backing new pipelines and restoring fracking on federal land.
Trump has won support from the energy industry by championing fossil fuels and fighting regulation, and regularly criticizes President Joe Biden’s policies aimed at accelerating the energy transition to a low-carbon economy.
The oil and gas industry has boomed under Biden despite increased regulation and a more climate-focused administration, posting record profits and producing more oil and gas than ever before. The industry has opposed Biden’s ban on fracking on federal land, as well as the recent halt to the approval of new gas export facilities. The fundraising event in Houston on Wednesday was hosted by oil billionaires Jeff Hildebrand, founder of Hilcorp Energy, the largest closely held U.S. oil company; George Bishop, founder of GeoSouthern Energy; Harold Hamm, founder of Continental Resources (NYSE:); and Kelsey Warren, head of a pipeline company Energy transfer (NYSE:) Partners. Trump drew a standing ovation when he promised to build more pipelines if elected and restore fracking in areas banned under Biden, said Mark Carr, a Houston entrepreneur who attended the event. Many oil and gas pipelines have been delayed or abandoned under the Trump and Biden administrations due to community opposition, legal challenges and lengthy permitting processes. “He’s going to get energy going again in the United States,” said Carr, founder of Christian Brothers Automotive in the Houston area. Trump said America needs to stop using Venezuelan “tar” oil and instead use American oil, said another participant, who asked not to be identified. Under Biden, the United States has resumed limited imports of Venezuelan oil for processing at US refineries. Trump has emphasized cutting taxes for the industry, “simplifying” the permitting process and rolling back some regulations, said donor and oil industry executive Dan Eberhart, who was in Houston for the event. “We can make our way to energy security and low gas prices,” Eberhart said. The Houston fundraiser was hosted by Trump’s Committee 47, a fundraising coalition between the Trump campaign, the Republican National Committee, a fundraising group that has spent tens of millions of dollars on Trump’s legal fees, and a host of Republican state parties. A dinner in Houston and a smaller, more intimate roundtable with a group of about 45 executives Wednesday night in Dallas were followed by a fundraising event. A Trump campaign official said the Texas turnaround raised at least $15 million. Two sources told Reuters that a total of about $40 million was spent on various activities in Texas. Reuters could not immediately confirm that figure. After a slew of high-priced donor events across the country, Trump overtook Biden in fundraising for the first time last month. Meanwhile, the US Senate Finance and Budget Committees on Thursday began investigating Trump’s reported rollback of several environmental regulations in exchange for $1 billion in campaign donations. The investigation comes a week after the top Democratic lawmaker on the House oversight panel requested information from nine oil companies about reports of quid pro quo offers made by the former president at a campaign event this spring at his Mar-a-res resort. Lago. in Florida. The Texas events were expensive: According to invitations, members of the host committee were asked to pay $250,000 per couple and agree to raise another $500,000. The chairman was asked to donate about $845,000 per couple and raise another $1.69 million. The afternoon roundtable included Occidental Petroleum (NYSE:) CEO Vicki Hollub and Houston entertainment and sports mogul Tillman Fertitta, who owns the hotel where the event was held. They were offered a question and answer period with the candidate.
North Dakota Gov. Doug Burgum, Trump’s former rival for the Republican nomination and now a possible vice presidential candidate, was also in Houston, another attendee said. Teofilo Lingui, EK-Petrol’s chief operating officer, said the former president was “good for the oil industry” and relations with Angola, where his trading and exploration company was founded. Tighter environmental regulations since Trump was in office “have made it more difficult for us to import from Angola,” Lingui said, citing customs duties.