Republican presidential candidate Donald Trump raised tens of millions of dollars during a fundraising swing through Texas this week, pledging to support the oil and gas industry by backing new pipelines and restoring fracking on federal land.
Trump has garnered support from the energy sector with a pro-fossil fuel and anti-regulation agenda, frequently criticizing President Joe Biden’s policies aimed at accelerating the transition to a low-carbon economy.
Despite increased regulation and a climate-focused administration, the oil and gas industry has thrived under Biden, achieving record profits and unprecedented oil and gas production.
The industry has resisted Biden’s fracking ban on federal land and the recent halt on new gas export facility approvals.
A Houston fundraiser on Wednesday was hosted by oil billionaires Jeff Hildebrand, George Bishop, Harold Hamm, and Kelcy Warren.
Trump received standing ovations when he vowed to build more natural gas pipelines and restore fracking to areas restricted under Biden, according to Mark Carr, a Houston entrepreneur in attendance.
Many pipelines faced delays or cancellations under both Trump and Biden 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 the Houston-area Christian Brothers Automotive chain.
Trump criticized the use of Venezuelan oil, advocating for American oil instead, said another attendee.
The U.S. has resumed limited imports of Venezuelan crude under Biden for processing at U.S. refineries.
Emphasizing tax cuts, streamlined permitting, and deregulation for the industry, donor and oil executive Dan Eberhart said, “We can drill our way to energy security and low gas prices.”
The Houston fundraiser was organized by the Trump 47 Committee, involving the Trump campaign, the Republican National Committee, a fundraising group covering Trump’s legal fees, and various Republican state parties.
Following the Houston luncheon and a smaller roundtable with about 45 executives, a Dallas fundraising event was held on Wednesday night.
A Trump campaign official reported the Texas swing raised at least $15 million.
Two sources told Reuters the total amount was around $40 million, although this number could not be immediately confirmed.
After numerous high-dollar donor events nationwide, Trump surpassed Biden in fundraising last month for the first time.
Meanwhile, the U.S. Senate finance and budget committees launched an investigation on Thursday into Trump’s alleged offer to roll back environmental regulations in exchange for $1 billion in campaign contributions.
This follows a request from a top Democratic lawmaker on a U.S. House oversight panel for information from nine oil companies about “quid pro quo propositions” reportedly made by Trump at a campaign event this spring at his Mar-a-Lago resort in Florida.
The Texas events were high-cost affairs: Host committee members paid $250,000 per couple and agreed to raise another $500,000.
The chair was asked to donate about $845,000 per couple and raise another $1.69 million.
Occidental Petroleum CEO Vicki Hollub and Houston sports magnate Tillman Fertitta, who hosted the event, attended an after-luncheon roundtable, along with North Dakota Governor Doug Burgum, a former Trump rival now considered a potential running mate.
Teofilo Lingi, COO of EK-Petrol, praised Trump for being “good for the oil industry” and relations with Angola. Stricter environmental regulations since Trump’s term have “made it more difficult for us to import from Angola,” Lingi said, citing customs duties.