Harold Hamm, the influential founder of Continental Holdings, is actively rallying Big Oil executives to throw their weight behind former President Donald Trump’s reelection campaign, according to a report by The Washington Post. Hamm, a billionaire and a significant figure in the energy sector, has emphasized the critical nature of the upcoming election, urging his peers in the oil industry to contribute to Trump’s campaign with the hope of securing regulatory advantages if Trump returns to the White House.
“We’ve got to do this because it’s the most important election in our lifetime,” Hamm reportedly told industry executives, underscoring the high stakes as he sees them.
Hamm’s efforts have already led to a surge in financial support for Trump’s campaign and associated Political Action Committees (PACs). So far, the oil industry has funneled $20.3 million into these efforts, with some executives making political donations for the first time. A Trump campaign aide noted the significant increase in maximum-amount contributions from new donors, pointing to the strategic importance of these funds.
This support comes despite some in the industry recalling that Trump, during his first term, was not always aligned with Big Oil’s interests. Critics within the industry point out that Trump often touted the lower gasoline prices under his administration while criticizing the current Biden administration for the higher prices at the pump, which have burdened U.S. consumers.
Notably, the oil industry is currently experiencing near-record production levels, even exceeding the output during Trump’s tenure, if the weekly estimates from the Energy Information Administration (EIA) are accurate. However, analysts have raised questions about the reliability of these figures. Despite the current high production levels, Hamm and other fossil fuel executives are concerned about potential policy shifts under a different administration, particularly if Vice President Kamala Harris were to ascend to the presidency. Harris’s tenure as California’s attorney general is marked by actions such as prosecuting oil companies for pipeline and storage tank leaks and suing the Obama administration over offshore fracking, which have left industry leaders apprehensive.
Hamm’s agenda for a possible second Trump term includes specific policy requests: opening new oil leases on currently protected federal lands, relaxing Endangered Species Act restrictions, and repealing several Environmental Protection Agency (EPA) regulations. These proposed changes are aimed at increasing the operational flexibility and profitability of the oil and gas industry.
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