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Trump promised oil companies concessions in exchange for $1 billion for his campaign

Trump promised oil companies concessions in exchange for $1 billion for his campaign Donald Trump (flickr com gageskidmore)
Author: Maria Kholina

US Presidential candidate Donald Trump has proposed a deal to oil companies, offering concessions to them in exchange for $1 billion towards his presidential campaign, citing The Washington Post.

Last month, Trump held a meeting with several oil company executives, including Mike Sabel, the CEO and founder of Venture Global, and Jack Fusco, the CEO of Cheniere Energy, whose proposed projects would directly benefit from lifting the pause on new LNG exports. Representatives from Chevron, Continental Resources, Exxon, and Occidental Petroleum were also present.

During the meeting, one executive lamented about burdensome economic restrictions. Trump, as per WP, stunned them with his response, stating that oil companies are wealthy enough to raise $1 billion and contribute it to the White House.

In return, Trump pledged to roll back dozens of environmental regulations and the policies of President Joe Biden, as well as refrain from introducing new ones. This includes halting the issuance of new permits for liquefied natural gas exports.

Additionally, Trump announced plans to issue permits for drilling in the Gulf of Mexico and lift restrictions on drilling in Alaska, promising to do so "on Day 1".

According to WP, Trump vowed to revoke Biden's "mandate" regarding electric vehicles, which he deemed ridiculous.

Despite Biden's restrictions, the US currently produces more oil than any other country. Last year, oil companies extracted around 1.3 million barrels per day, and market leaders reported their highest annual profit in a decade.

US election

The presidential election in the US is scheduled for November 5. As expected, the main contenders for the presidency remain the Democrat and incumbent leader, Joe Biden, and the Republican, former President Donald Trump.

Trump advocates for limiting aid to Ukraine. He previously said that he supports providing aid, but not as a gift, rather in the form of a loan.