U.S. Oil Industry Favors Trump for President

By Tsvetana Paraskova - Feb 09, 2024

The U.S. oil and gas industry has donated $7.36 million to Donald Trump’s campaign, clearly favoring him over his Republican rival for the nomination, Nikki Haley, and over incumbent President Joe Biden who has angered the sector with most of his energy policies since he took office.

Groups outside Trump’s campaign in the energy and natural resources sector have donated $7,365,208 to Trump, compared to just $807,233 to his remaining rival for the Republican presidential nomination, Haley, and only  $634,736 to Biden’s campaign, according to data collected by OpenSecrets.

Some oil and gas industry donors, including shale pioneer Harold Hamm, last year donated to both Haley and Florida Governor Ron DeSantis, as they didn’t believe Trump had a chance to win the election, Bloomberg notes.

However, oil industry donors began donating more money to Trump in the latter half of 2023.  

The oil and gas sector hasn’t flocked to donate to President Biden’s campaign, even though American oil and gas production hit record-high levels during his current term serving as president.

U.S. oil and gas production and exports of petroleum and LNG were booming last year, but most in the industry say this was despite Biden’s policies, not thanks to them.

Methane emission rules, too few lease sales on federal land and waters, and the pause in new permits for LNG export projects have been some of the most recent issues that America’s oil and gas industry has picked with the Biden Administration.

The sector associations have frequently criticized Biden’s energy policies as “hostile” to the oil and gas industry and undermining the American economy and jobs.

In the latest Dallas Fed Energy Survey, an executive at an E&P firm said “The administration’s continued war on the petroleum industry has an effect for sure, but we're seeing that the real world needs our industry, and the public is trumping the downward pressure the administration is trying to maintain.”  

By Tsvetana Paraskova for Oilprice.com