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Former President Trump has asked oil and gas industry executives to donate $1 billion to his presidential campaign and pledged to overturn dozens of environmental rules imposed by the Biden administration if he is elected in November. Washington post reported this Week.
Trump made the pitch to executives at a meeting last month in Mar-a-Lago, Florida, that included Venture Global CEO Mike Sabel, Cheniere Energy (LNG) CEO Jack Fusco, and Chevron Representatives from Dragon (CVX), Continental Resources, Exxon Mobil (XOM) and Occidental Petroleum (OXY) were reported.
Trump specifically said he would end the Biden administration’s moratorium on new liquefied natural gas export approvals, abandon the Environmental Protection Agency’s auto emissions rules to promote electric vehicles, auction more Gulf of Mexico drilling leases and lift drilling restrictions in the Gulf of Mexico. Arctic Alaska.
Despite Big Oil’s antipathy toward Biden, fossil fuel production and oil industry profits have soared to record highs during his presidency: Energy sector profit margins are expected to average about 11% over the four years of a Biden administration, compared with those under Trump The energy sector’s profit margin during the period, excluding the year when the COVID-19 pandemic was eliminated in 2020, was a three-year average growth rate of 4.5%.
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Separately, but somewhat relatedly, 27 Republican-led states filed a lawsuit this week in the U.S. Court of Appeals for the D.C. Circuit challenging the EPA’s new rules on power plant emissions.
