June 13, 2024
Suit 25, Mangal Plaza, Nouakchott Street, Wuse Zone 1, Abuja- Nigeria.
OIL & GAS

Trump Pledges to Boost Oil and Gas Industry during Texas Fundraiser

U.S. Republican presidential candidate Donald Trump raised tens of millions of dollars during a fundraising tour through Texas this week. He promised to support the oil and gas industry by backing new pipelines and restoring fracking on federal land.

According to Reuters, Trump has been courting the energy industry with a pro-fossil fuel, anti-regulation agenda. He regularly criticizes President Joe Biden’s policies aimed at transitioning to a low-carbon economy.

Despite increased regulations under Biden, the oil and gas industry has seen record profits and production levels.

A fundraiser in Houston on Wednesday was hosted by oil billionaires Jeff Hildebrand of Hilcorp Energy, George Bishop of GeoSouthern Energy, Harold Hamm of Continental Resources, and Kelcy Warren of Energy Transfer Partners.

Trump received standing ovations for promising to build more natural gas pipelines and restore fracking in areas where it has been banned under Biden, said Mark Carr, a Houston entrepreneur who attended the event. Many pipelines faced delays or cancellations under both Trump and Biden due to community opposition, legal challenges, and lengthy permitting processes.

“He’s going to get energy going again in the United States,” said Carr, founder of the Christian Brothers Automotive chain.

Trump also emphasized the need for America to use its own oil instead of importing Venezuelan oil, which has resumed under Biden for processing at U.S. refineries.

Dan Eberhart, a donor and oil executive, highlighted Trump’s focus on tax cuts, streamlining permitting processes, and removing certain regulations. “We can drill our way to energy security and low gas prices,” said Eberhart.

The Houston fundraiser, organized by the Trump 47 Committee, included a luncheon, a roundtable with about 45 executives, and a Dallas fundraising event on Wednesday night.

The Texas swing reportedly brought in at least $15 million, with sources suggesting a total of around $40 million.

Teofilo Lingi, chief operating officer of EK-Petrol, praised Trump for being “good for the oil industry” and improving relations with Angola, where his company is based. He noted that stricter environmental regulations since Trump’s term have made it more difficult to import from Angola due to customs duties.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.