Trump’s Oil Donors: Money Flows Back as Power and Tax Breaks Boost the Industry

When Donald Trump returned to the Oval Office in 2024, the celebrations at Mar-a-Lago carried a clear scent of crude. At his side stood billionaire Harold Hamm, founder of Continental Resources, along with other energy industry executives who poured tens of millions into his campaign. Today, they know it wasn’t wasted money – their influence now runs straight through the core of U.S. energy policy.

Policy Written at the Oil Table Trump’s administration wasted no time. Federal lands and offshore waters were opened to drilling, new LNG terminals were approved, and key environmental regulations were struck down. His “one big beautiful law” scrapped tax credits for electric vehicles while delivering generous breaks to fossil fuels. The result? Renewable projects are stalling, while oil regains center stage. And who sits at the president’s table? The very donors who bankrolled his return: Harold Hamm, Energy Transfer’s Kelcy Warren, and Liberty Energy’s Chris Wright – who now serves as Secretary of Energy. At least a dozen other oil executives now hold positions inside federal agencies.

API Back in the Room The American Petroleum Institute, which struggled to get meetings under Biden, is now back in daily contact with the White House. API chief Mike Sommers put it bluntly: “The plan we laid out is the plan they’re now pushing from inside the White House.” In March, Trump personally assured API officials that oil and gas were his “favorite industry.” And when global tariffs were announced, oil and gas products were – unsurprisingly – exempt.

Lower Prices, Greater Influence Ironically, despite their political victories, oil prices remain low. Crude hovers around $62 a barrel, below the break-even point for many producers. New tariffs on steel and aluminum have also pushed drilling costs higher. Chevron has cut 20% of its workforce, while ConocoPhillips shed 25% following its Marathon Oil acquisition. Overall oil and gas employment has dropped to a two-year low. Still, the industry views these as short-term costs for long-term power. Thanks to new tax breaks, giants like Devon Energy, EOG Resources, and Occidental expect to save over $1.2 billion next year alone.

“Drill, Baby, Drill!” At a fundraising rally in Midland, Texas, Trump repeated his old slogan: “Drill, baby, drill!” The crowd of executives roared with approval. One shouted back: “We decide, not the government!” Taylor Sell of Element Petroleum summed it up perfectly: “We all voted for this.”

The Strength of Oil Lobbying From Mar-a-Lago to the Department of Energy, the oil lobby now has a direct hand in shaping U.S. policy. And while low crude prices may delay record profits, one thing is clear: Trump’s oil donors paid for influence – and now they’re reaping it in full.

#TRUMP , #oil , #USPolitics , #Geopolitics , #usa

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