Trump’s pro-fossil fuel stance has garnered favour from the energy industry…reports Asian Lite News
At a fundraising tour in Texas, Republican presidential candidate Donald Trump secured substantial financial support, pledging to bolster the oil and gas sector by championing new pipelines and reinstating fracking on federal lands, media reported.
Trump’s pro-fossil fuel stance has garnered favour from the energy industry, contrasting with President Joe Biden’s efforts to advance towards a low-carbon economy, a policy Trump regularly criticises, according to Reuters report.
Despite Biden’s regulatory initiatives, the oil and gas industry has thrived, achieving record profits and heightened production. However, the industry has faced challenges such as Biden’s fracking ban on federal lands and the halt in approving new gas export facilities.
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A Houston fundraiser hosted by prominent oil tycoons witnessed Trump’s pledges draw enthusiastic responses, including promises to expedite natural gas pipeline construction and reverse fracking restrictions imposed under Biden. Trump’s initiatives aim to revive the energy sector in the United States, a sentiment echoed by attendees such as Mark Carr, founder of the Houston-based Christian Brothers Automotive chain.
Trump emphasized the need for the United States to prioritize domestic oil over imports from Venezuela, advocating for energy independence. Additionally, Trump’s agenda includes tax cuts for the industry, streamlining permitting processes, and deregulation, strategies endorsed by donors like Dan Eberhart, an oil executive.
The fundraising events in Texas were orchestrated by the Trump 47 Committee, a collaboration between the Trump campaign, the Republican National Committee, and various state Republican parties. The Houston luncheon and subsequent Dallas event generated substantial funds, with estimates suggesting around $40 million raised, although this figure is unverified.
Amidst Trump’s fundraising success, Senate committees initiated an investigation into reports of Trump’s alleged offer to roll back environmental regulations in exchange for campaign contributions. This investigation follows inquiries from Democratic lawmakers regarding potential quid pro quo propositions made by Trump at a campaign event in Florida.
The Texas fundraisers attracted high-profile attendees, with contributions reaching six-figure sums and opportunities for intimate discussions with Trump. Notable figures present included Vicki Hollub, CEO of Occidental Petroleum, and North Dakota Governor Doug Burgum, a former Trump rival turned potential running mate.
Attendees like Teofilo Lingi, COO of EK-Petrol, praised Trump’s policies for benefiting the oil industry and strengthening relations with Angola, where Lingi’s company operates. However, Lingi noted that stricter environmental regulations during Trump’s presidency had posed challenges for importing from Angola, citing increased customs duties.
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