How Oil Interests Are Powering Trump’s Campaign with $75 Million in Funding
The 2024 presidential campaign has highlighted massive contributions from oil and gas tycoons to Donald J. Trump’s campaign and affiliated Republican committees, exceeding $75 million, as revealed by a recent analysis of federal campaign data. This substantial financial support underscores how fossil fuel interests, including oil billionaires, energy firms, and companies dependent on fossil fuel profits, are heavily invested in Trump’s bid to reclaim the White House. Alongside donations directly from oil industry leaders, funding has flowed from engineering firms, hedge funds, and shipbuilders connected to fossil fuel profits.
Big Oil’s Billion-Dollar Influence
High-profile oil moguls including Harold Hamm of Continental Resources, Kelcy Warren of Energy Transfer Partners, and Jeffery Hildebrand of Hilcorp Energy Co. have each contributed millions to Trump’s campaign, their companies, and spouses collectively providing over $15 million. Yet, donations from other fossil fuel-linked industries bring the total to five times this amount, showing a vast network of industry interests keen to support Trump’s energy policies.
A new analysis revealed that oil and gas funds to Trump’s campaign extend far beyond direct contributions, with millions pouring in through affiliated entities and “dark money” organizations that allow donors to remain anonymous. Oil and gas interests rank among Trump’s top funding sources, second only to conservative groups, which often also receive heavy backing from fossil fuel companies.
| Notable Donors | Company | Amount Donated |
| Harold Hamm | Continental Resources | Over $10 million |
| Kelcy Warren | Energy Transfer Partners | Over $3 million |
| Jeffrey Hildebrand | Hilcorp Energy | Over $2 million |
| Tim Dunn | CrownQuest Operating | $5 million |
| Syed Javaid Anwar | Midland Energy Inc. | $2 million |
| Paul Singer | Elliott Management | $5 million |
| John Catsimatidis | United Refining Company | $700,000 |
The Regulatory Battlefield and Economic Stakes
These donations come at a time when the fossil fuel industry is facing increased regulation under the Biden-Harris administration, which has focused on limiting oil and gas exploration and promoting renewable energy sources. In an address to his supporters, Senator John Barrasso, a Republican from Wyoming and a Trump ally, stated that fossil fuel interests are rallying behind Trump in response to policies that have challenged oil production, coal plants, and natural gas exports. According to Barrasso, the Biden administration’s environmental stance has created economic pressure on fossil fuel-dependent communities, motivating them to contribute to Trump’s campaign.
Trump has actively courted the industry by pledging to open public lands and federal waters to more extensive drilling, summarizing his energy agenda with the slogan “DRILL, BABY, DRILL.” In a private dinner with oil executives at his Mar-a-Lago estate, Trump requested $1 billion in donations, assuring them that their financial support would result in major savings from tax reductions and reduced regulatory burdens. This promise of unrestricted drilling has spurred even more financial support from the sector, with multiple oil and gas fundraisers organized in Houston, Midland, and other Texas cities.
Economic Support and Fossil Fuel Subsidies
According to Senator Sheldon Whitehouse, a Democrat from Rhode Island, the American fossil fuel sector receives $700 billion in annual subsidies when accounting for federal tax breaks and underpricing of environmental costs. Whitehouse argues that protecting these subsidies is a significant motivation for oil companies and billionaires to donate heavily to Trump, questioning, “To protect a $700 billion subsidy, what is the amount that would be economically reasonable to spend in its defense?”
Secondary Industry Support and Conservative Interests
In addition to oil and gas companies, supporting industries such as shipbuilding, engineering, and hedge funds have contributed millions to Trump’s campaign. For instance, Donald Bollinger, the retired CEO of Bollinger Shipyards, contributed over $200,000. His company specializes in manufacturing vessels for offshore oil projects, aligning with Trump’s pro-oil stance. Stephen Tzap, founder of Zap Engineering & Construction, which builds infrastructure for the oil industry, donated $123,000, further emphasizing Trump’s appeal among service companies within the fossil fuel sector.
Hedge funds and investment firms are also heavily involved. Paul Singer’s Elliott Management, which has significant holdings in the oil and gas sector, invested $500 million in a gas company and $1 billion in Phillips 66, a major energy company. Such investments indicate a vested interest in supporting Trump’s deregulatory approach, which promises higher returns for fossil fuel investors by cutting environmental regulations and associated costs.
Trump’s $1 Billion Request and Ongoing Fundraising Efforts
Despite record donations from fossil fuel entities, Trump has yet to reach his ambitious $1 billion fundraising goal. Recent events, such as an Oklahoma City fundraiser hosted by Carol Hefner of Envision Exploration and an October 22 Dallas event featuring top oil executives, demonstrate the campaign’s persistent efforts to draw in more contributions.
Alongside direct contributions, industry groups are spending millions on advertising, particularly in swing states, to sway public opinion on energy policies. Trade groups like the American Petroleum Institute (API) and the American Fuel & Petrochemical Manufacturers have launched extensive ad campaigns in states such as Pennsylvania, Arizona, and Michigan. These ads emphasize the economic benefits of oil and gas, subtly aligning with Trump’s messaging without endorsing a specific candidate.
The Bigger Picture: Record Production Under Biden
Interestingly, while the fossil fuel sector backs Trump’s campaign, oil and gas production under the Biden administration has reached unprecedented levels. The United States currently leads in natural gas exports and produces 12.9 million barrels of oil per day, up from the 11 million barrels per day produced during Trump’s final year in office. Despite record profits, the industry seeks to prevent potential future restrictions, fueling financial support for Trump’s campaign.
Implications for Climate Policy
The convergence of industry support for Trump highlights the continuing political influence of fossil fuel interests amid global calls for climate action. Tyson Slocum, director of the energy program at Public Citizen, notes that while oil companies are profiting under Biden, they support Trump’s rollback of “marginal regulations,” which would enable even greater profit margins. This level of influence, combined with ongoing dark money contributions, could have significant implications for climate policy in the upcoming years.
Through record-setting contributions, oil and gas interests reveal the economic stakes in the 2024 election, with Trump promising reduced regulations and prioritizing fossil fuel profits. As the campaign heats up, fossil fuel funding plays a pivotal role, signaling the enduring influence of energy interests in American politics.
