Fossil Fuel Industry’s Influence on Trump’s 2024 Reelection Campaign
The fossil fuel industry has played a significant role in President Trump’s 2024 reelection campaign, contributing heavily to its success. Following his victory, the oil and gas sectors have maintained their financial support, aligning with Trump’s commitment to further their interests through policy changes.
During his campaign, Trump solicited oil and gas executives to raise $1 billion for his reelection efforts, offering to fulfill their policy agendas in return. This proposal was presented as a “deal,” promising reduced taxes and regulations under his administration. Additionally, he pledged to expedite mergers and acquisitions within the fossil fuel sector.
The response from the industry was substantial, with at least $75 million funneled into Trump’s campaign and associated political action committees (PACs). This financial backing positioned the oil and gas industry as a leading corporate supporter of his reelection bid. Several industry leaders contributed millions individually and hosted fundraisers for Trump. Other executives, previously not Trump supporters, provided significant donations after attending these events where Trump reiterated his commitment to their priorities.
The 2024 election cycle was marked by record-breaking “dark money” expenditures, allowing wealthy interests to obscure their contributions through non-disclosing groups. Historically, the fossil fuel industry has utilized dark money strategies, likely continuing this trend in 2024.
Financial Support Continues Post-Election
Post-election, the oil and gas industry has sustained its financial contributions to Trump, providing $11.8 million to his inauguration fund. Even though Trump is not eligible for a third term, his super PAC has amassed additional millions from industry leaders, including $25 million from Energy Transfer Partners and its CEO, Kelcy Warren.
True to his campaign promises, Trump has integrated the fossil fuel agenda into his administration’s policies. A key legislative package—hailed as “positive for us across all of our top priorities” by one executive—provides $18 billion in tax incentives to oil and gas firms while reducing incentives for clean energy.
Trump has appointed fossil fuel advocates to key regulatory positions and accelerated drilling permits on public lands. Within his first 100 days in office, Trump took at least 145 actions to dismantle environmental protections, exceeding the rollbacks during his prior term. Reports indicate the industry was already preparing executive orders for Trump’s second term.
Impact on the Industry and the Environment
Companies like Energy Transfer Partners have seen immediate financial benefits. Trump’s decision to lift the Biden-era moratorium on liquefied natural gas exports enabled the extension of a critical project, boosting profits and Warren’s personal wealth by nearly 10 percent.
Occidental Petroleum, which donated $1 million to Trump’s inauguration and cohosted a fundraiser, stands to gain from the tax breaks and subsidies in Trump’s legislative package.
The administration’s latest move involves the repeal of the “endangerment finding,” a critical recognition of global warming’s risks. This finding underpins clean air regulations and has weathered over 100 legal challenges. Revoking it would dismantle numerous environmental protections opposed by the industry.
While the fossil fuel industry benefits from these policy changes, the environmental costs continue to rise. Increased frequency of extreme weather events, linked to fossil fuel-induced global warming, resulted in billions in damage and thousands of deaths. This summer’s severe heat affected over 255 million Americans. Despite these impacts, the administration has cut back on scientific efforts to address climate change, firing hundreds of researchers.
Trump’s actions are not unprecedented in American politics, where wealthy interests have long shaped policy. However, the current administration’s alignment with the fossil fuel industry exemplifies the ongoing influence of money on government decisions, highlighting the need for stronger campaign finance reforms.
