Former President Donald Trump is reportedly attempting to use financial backing from major players in the oil industry to aid his reelection bid. In exchange, Trump is promising to dismantle many of the environmental policies implemented by President Joe Biden.
According to sources cited by The Washington Post, Trump vowed to overturn current emissions regulations designed to promote electric vehicles if he is reelected.
This alleged commitment came during a meeting last month in Florida with top executives from leading U.S. oil companies, including Chevron, Exxon, Occidental Petroleum and more. To make it happen, Trump is asking for substantial financial support to support his presidential campaign. He requested that these oil companies donate $1 billion. As part of his fundraising efforts, Trump also signaled a willingness to consider several other concessions to the oil industry.
These overtures include reversing the freeze on permits for new liquefied natural gas exports, increasing lease auctions for oil drilling in the Gulf of Mexico and lifting drilling restrictions in the Alaskan Arctic.
Emphasizing the regulatory and tax relief that oil companies would gain under his administration, Trump referred to his billion-dollar proposal as a “deal.” For some in the industry, it may be just that considering what some Big Oil players spent to push back against Biden’s environmental regulations.
During the meeting, one oil industry executive allegedly complained about continued frustration with the current administration’s green agenda, despite spending $400 million to lobby the White House in the last year alone.
