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Former President Trump has asked oil and gas industry executives to contribute $1B to his presidential campaign, pledging to reverse dozens of environmental rules implemented by the Biden administration if he is elected in November, The Washington Post reported this week.
Trump pitched the executives at a meeting at Mar-a-Lago in Florida last month that included Venture Global CEO Mike Sabel, Cheniere Energy (LNG) CEO Jack Fusco, and representatives from Chevron (CVX), Continental Resources, Exxon Mobil (XOM) and Occidental Petroleum (OXY), according to the report.
In particular, Trump said he would end the Biden administration’s pause on new liquefied natural gas export approvals, dump the Environmental Protection Agency’s auto emissions rules that promote electric vehicles, auction off more leases for drilling in the Gulf of Mexico, and reverse drilling restrictions in the Alaskan Arctic.
Despite Big Oil’s revulsion of Biden, fossil fuel production and oil industry profits have surged to record highs during his presidency: The average energy sector profit margin for the Biden administration’s four years is forecast at ~11%, while the energy sector profit margin during Trump’s three years excluding the COVID wipeout year of 2020 averaged 4.5%.
ETFs: (NYSEARCA:XLE), (NYSEARCA:XOP), (VDE), (OIH), (XES), (IEZ), (XLU)
Separately but somewhat related, 27 Republican-led states filed a lawsuit this week in the U.S. Court of Appeals for the D.C. Circuit challenging the Environmental Protection Agency’s new rules on power plant emissions.
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