United States – Donald Trump, the Republican presidential candidate, collected tens of millions of dollars for the campaign during its fundraising earlier this week in Texas. His guarantee for the oil and gas industry is going to support new pipelines for fracking and restoration of fracking on federal land.

Trump’s Pledge to Boost Oil and Gas Sector

Trump sought votes from the energy sector through an energy-friendly policy that supports fossil fuel and opposes any regulation, and often negatively reacted to President Joe Biden’s measures toward making America greener to move away from fossil fuel dependency, as reported by Reuters.

Biden’s administration raised regulations for the oil and gas industry, but at the same time, the industry recorded its highest profits and produced more oil and gas than ever. The industry has rejected Biden’s ban on fracking on federal land and recent orders to halt the approval of new gas export facilities.

Industry Leaders Endorse Trump’s Energy Policies

Oil tycoons Jeff Hildebrand, founder of Hilcorp Energy, the largest US oil company, George Bishop, founder of GeoSouthern Energy, Harold Hamm, founder of Continental Resources, and Kelcy Warren, of pipeline firm Energy Transfer Partners, presided over Wednesday’s Houston fundraiser.

According to Mark Carr, an audience member and an entrepreneur in Houston, Trump received thunderous applause when he vowed to construct more natural gas pipelines during his tenure as president and to resume fracking in zones prohibited under Biden. Several pipelines in the oil and gas sector were canceled or faced construction slowdowns under both the Trump and Biden presidencies because of activist pushback, litigation, and drawn-out regulatory approvals.

“He’s going to get energy going again in the United States,” said Carr, who founded the Houston-area Christian Brothers Automotive chain.

According to another source who preferred to remain anonymous, Trump insisted that America should stop buying oil from Venezuela’s tar and use American oil instead.’ The United States has recently begun the minimal import of Venezuelan crude under Biden for further processing in the US.

Mr. Eberhart added that the donor and oil executive had endeared himself to the industry through regular claims of tax cuts, “streamlining of the permitting process and removal of some regulations.” “We can drill our way to energy security and low gas prices,” said Eberhart.

The Houston fundraiser occurred with the assistance of the Trump 47 Committee, established as a fundraising partnership between Trump’s campaign, the Republican National Committee, a political fundraising organization that disbursed tens of millions of dollars for Trump’s legal expenses, and numerous Republican state parties. The networking luncheon in Houston that came before it and a more personal meeting with a group of some 45 executives was held earlier in the week, which was then succeeded by a fundraiser in Dallas on Wednesday evening.

Trump Campaign Raises Millions in Donations

Following Texas events, a Trump campaign official said that they were able to raise at least fifteen million US dollars. Several media sources, including Reuters, indicated that the different events in Texas were estimated to have grossed about USD 40 million. Reuters has not independently been able to verify that figure.

Last month, several huge donor gatherings were held nationwide, and Trump edged past Biden in fundraising.

On Thursday, the US Senate finance and budget committees met to initiate an inquiry into Trump’s reported offer to remove several environmental protections in exchange for USD 1 billion in campaign funding.

The probe follows a request by the leading Democrat on a U.S. House oversight committee to ask nine oil companies for details regarding claims about the former president’s ‘quid pro quo propositions’ made in a campaign rally early this year at his Mar-a-Lago estate in Florida.

The Texas events were pricy affairs: Members of the host committee were required to contribute USD 250,000 per couple and commit to raising an additional USD 500,000, as seen in the invitation cards received. The chair was expected to contribute as much as USD 845,000 for each couple and also raise USD 1.69 million.

A post-luncheon roundtable featured Occidental Petroleum (OXY. N), opens new tab CEO Vicki Hollub, and Houston-based entertainment and sports impresario Tillman Fertitta, who owns the venue where the event took place. They were given an option to have a Q&A session with the candidate.

Also in Houston was North Dakota Governor Doug Burgum, a Trump rival in the Republican primaries and now a potential vice presidential nominee, noted the attendee.

Industry Perspectives on Trump’s Presidency

Also, the former president was described as “good for the oil industry and relations with Angola” by Teofilo Lingi, EK-Petrol’s chief operating officer, who stated that the company was founded in Angola as a trading and oil exploration company, as reported by Reuters.

Since Trump took office, governments have put in place “stringent measures that have made it hard for us to import products from Angola,” Lingi claimed, highlighting customs duties.