Oil and Gas Contributions to Trump’s Campaign
In an extensive analysis of federal campaign data, it has been revealed that oil and gas interests have contributed an estimated $75 million to Donald J. Trump’s presidential campaign, the Republican National Committee, and associated committees. This figure significantly exceeds previous estimates and sheds light on the financial backing behind Trump’s political endeavors.
Among the most notable contributors are prominent billionaires such as Harold Hamm of Continental Resources, Kelcy Warren of Energy Transfer Partners, and Jeffery Hildebrand of Hilcorp Energy Co. Collectively, they and their spouses, alongside their respective companies, have donated over $15 million during this election cycle alone. However, the total funding from donors connected to the fossil fuel industry is even more staggering, amounting to over five times this amount, according to an analysis conducted by the environmental advocacy group Climate Power.
This substantial financial support is not limited to just a few high-profile figures; it encompasses a wide array of contributors, including mine operators, shipbuilders, engineering firms, hedge funds, and lesser-known oil producers. It is important to note that this figure pertains solely to campaign contributions that are publicly accessible; donations made to nonprofit organizations, particularly those classified as 501(c)(4), often referred to as “dark money,” are typically not disclosed to the public.
Senator Sheldon Whitehouse, a Democrat from Rhode Island and the chairman of the Senate Budget Committee, emphasized the need to approach this issue from a systematic and structural standpoint. He cited an analysis conducted by the International Monetary Fund, which estimates that American fossil fuel companies benefit from approximately $700 billion in subsidies annually when factoring in federal tax breaks and the underpricing of environmental costs. Given this context, Whitehouse expressed that he was not surprised by the substantial contributions made by oil interests to Trump’s campaign.
