Donald Trump, the former president and Republican candidate for the 2024 U.S. presidential election, has raised more funds from the oil and gas industry than in previous campaigns. Donation records show Trump has collected $14.1 million from the sector as of August 31, a surge following his direct request for $1 billion from oil executives. Despite missing the target, this total exceeds his oil industry contributions at the same point in both the 2016 and 2020 campaigns.
A significant portion of the funds came from key oil executives. Kelcy Warren, CEO of Energy Transfer, has contributed nearly $6 million, while Timothy Dunn, head of CrownQuest, donated $5 million. Other notable backers include Harold Hamm, the founder of Continental Resources, who has raised an additional $1.2 million for Trump’s campaign.
The increase in support stems from Trump’s promises to roll back environmental regulations if re-elected. He vowed to remove barriers to drilling, end restrictions on gas exports, and reverse emissions standards. The oil and gas industry, now Trump’s fourth-largest source of donations, has risen six places from its position in the 2020 election.
Recent Federal Election Commission filings indicate further contributions. Energy Transfer’s Warren donated another $5 million in September, while Occidental Petroleum’s Vicki Hollub and Hilcorp’s Jeff and Melinda Hildebrand each gave $400,000. These figures followed a fundraising dinner at Trump’s Mar-a-Lago club, where he appealed to executives from companies like Chevron and Exxon.
Democrats have criticized these donations, calling them a sign of corruption. They are pushing for a congressional investigation into potential quid pro quo arrangements. However, the probe is unlikely to advance before the election. Senator Sheldon Whitehouse, chair of the Senate budget committee, remarked that Trump appears to be for sale to the fossil fuel industry, while Trump supporters defend his pro-energy stance as crucial for national security and lowering the cost of living.
Trump’s campaign strategy includes a pledge to unleash new oil and gas activities. He has dismissed climate change as a “scam” and continues to attack renewable energy sources such as wind power. He accuses the Biden-Harris administration of waging a “war on American energy,” despite oil and gas production reaching record highs under Biden.
In contrast, Vice President Kamala Harris, now the Democratic nominee, has largely avoided discussing climate issues in her campaign. Although she had pledged not to accept large donations from the fossil fuel industry in 2019, her campaign has received over $500,000 from oil executives, including contributions from Richard Slifka of Global Petroleum and Lee Fikes of Bonanza Oil.
