At Texas Fundraisers, Trump Rakes in Millions from Promising Pipelines and Fracking

During his fundraising visit to Texas this week, Republican presidential candidate Donald Trump raised significant amounts of money by promising to support the oil and gas industry. He pledged to back new pipelines and restore fracking on federal land.

Trump has embraced a pro-fossil fuel, anti-regulation agenda to attract support from the energy industry. He frequently criticizes President Joe Biden’s policies that aim to accelerate the transition to a low-carbon economy.

Despite facing increased regulation and a more climate-focused administration under Biden, the oil and gas industry has thrived, generating record profits and producing more oil and gas than ever before. The industry has opposed Biden’s ban on fracking on federal land and the recent pause in approving new gas export facilities.

A fundraising event held in Houston was hosted by oil billionaires including Jeff Hildebrand, George Bishop, Harold Hamm, and Kelcy Warren. Trump received standing ovations when he promised to support the construction of more natural gas pipelines and reinstate fracking in areas where it had been restricted by the Biden administration.

Attendees, including Houston entrepreneur Mark Carr and oil executive Dan Eberhart, praised Trump’s plans to stimulate the energy sector through tax cuts and regulatory changes. Eberhart emphasized the potential for the U.S. to achieve energy security and lower gas prices through increased drilling.

The fundraising events, organized by the Trump 47 Committee, brought in at least $15 million, with sources estimating the total to be around $40 million. Trump recently surpassed Biden in fundraising, following a series of high-dollar donor events nationwide.

Meanwhile, Senate committees have launched an investigation into reports of Trump offering to roll back environmental regulations in exchange for campaign contributions. This comes after Democratic lawmakers sought information from oil companies regarding potential “quid pro quo propositions” at a campaign event at Trump’s Mar-a-Lago resort.

The Texas fundraising events featured high contribution amounts, with host committee members asked to pay $250,000 per couple and raise additional funds. The chair was expected to donate about $845,000 per couple and raise even more. An exclusive roundtable session included prominent figures like Occidental Petroleum CEO Vicki Hollub and entrepreneur Tillman Fertitta.

Notable attendees also included North Dakota Governor Doug Burgum and Teofilo Lingi, chief operating officer of EK-Petrol. Lingi highlighted Trump’s positive impact on the oil industry and relations with Angola, where his company operates.