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The stories that matter on money and politics in the race for the White House
Democrats in the US Senate have launched a probe into allegations that Donald Trump sought a deal with leading oil and gas companies that would see him rip up environmental regulations if he is re-elected president in return for $1bn in industry contributions to his campaign.
The investigation shines a spotlight on the industry’s relationship with the former president a day after he toured Texas in a fundraising drive that targeted wealthy fossil fuel executives.
It is part of a push by Democrats to highlight Trump’s ties to the industry ahead of November’s election.
In letters sent to the heads of companies including ExxonMobil, Chevron and Occidental Petroleum on Thursday, senators called on executives to hand over materials from an April meeting at Trump’s Mar-a-Lago resort detailing any promises he made to them and contributions made by them to his campaign.
“Such an obvious policies-for-money transaction reeks of cronyism and corruption,” wrote Sheldon Whitehouse and Ron Wyden, chairs of the senate budget and finance committees, respectively.
“This solicitation, coupled with troubling reports that fossil fuel interests and other companies have been drafting language for use in executive orders favourable to their businesses during a possible second Trump administration, demand immediate additional inquiry,” they added.
The letter comes after Democratic Congressman Jamie Raskin wrote to companies in a similar investigation earlier this month. Raskin and Whitehouse this week called on the justice department to investigate the industry’s efforts to deceive the public over climate change.
The American Petroleum Institute, whose chief executive was among the recipients of the letters, blasted Thursday’s move as “yet another election-year stunt”.
“API meets with candidates and policymakers to discuss the need for sound energy policies, and this meeting was no different,” said a spokesperson for the Washington-based industry lobby group.
The senators also wrote to oil and gas producers Chesapeake Energy, Chevron, Continental Resources, EQT, ExxonMobil and Occidental, as well as LNG developers Cheniere and Venture Global. Exxon and Cheniere declined to comment; the other companies did not respond to requests for comment.
With less than six months to go until the election, energy has become a crucial battleground between President Joe Biden and Trump. Despite record production and profits in recent years, Biden’s environmental clampdown has riled industry players, many of who have funded his opponent’s campaign, despite misgivings over his volatility and support for tariffs that risk undermining oil demand.
“I think there are a lot of reluctant Trump voters — more so than the last election,” said one Houston-based financier.
If re-elected, Trump has vowed to unshackle the industry and allow it to “drill, baby, drill”. His fundraising drive has targeted deep-pocketed leaders in the sector sympathetic to his deregulatory message.
At a fundraising lunch in Houston hosted by Continental chair Harold Hamm and Occidental boss Vicki Hollub on Wednesday, donors paid as much as $100,000 a couple to attend a roundtable with the former president and $25,000 a couple for photo opportunities.
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