Former U.S. President Donald Trump reportedly met with executives from major American oil companies last month, promising to repeal the Biden administration's environmental regulations and requesting $1 billion (approximately 1.3 trillion KRW) in campaign funds for his reelection, according to The Washington Post (WP) on the 9th (local time).
According to WP, at a meeting held at the Mar-a-Lago resort in Florida, one executive expressed frustration that despite oil companies spending $400 million lobbying the Biden administration last year, burdensome environmental regulations continue. In response, former President Trump surprised some attendees by saying, "Aren't you wealthy enough? You need to raise $1 billion to send me back to the White House."
During the dinner, former President Trump promised to immediately overturn President Biden's environmental regulations and policies and block the establishment of new regulations. For example, Trump emphasized that he would end the Biden administration's suspension of new liquefied natural gas (LNG) export project permits on his first day in office. Attending the meeting were CEOs of Venture Global and Cheniere Energy, companies that would benefit if the LNG export permit suspension were lifted.
Former President Trump also stated he would allow more drilling in the Gulf of Mexico and northern Alaska. He criticized wind power as well.
Additionally, he pledged to repeal the emissions regulations recently finalized by the Environmental Protection Agency (EPA). The fossil fuel industry has actively lobbied against the EPA's emissions regulations, citing concerns that demand for petroleum products could decline. However, WP predicts that the automotive industry is likely to oppose the repeal of EPA regulations since it has invested billions of dollars in transitioning internal combustion engine vehicles to electric vehicles.
Doug Burgum, Governor of North Dakota, who withdrew from the Republican presidential primary and endorsed Trump, is leading the Trump campaign's energy policy formulation. He has been meeting extensively with oil industry donors and executives. At a fundraising event held on the 4th in Palm Beach, Florida, Governor Burgum told donors, "If there is one thing President Trump can do first on his first day in office, it is to stop all hostile attacks on American energy."
WP evaluated that "Trump's proposal to the oil industry is surprisingly straightforward and deal-oriented, showing how he plans to secure the necessary funds from the oil industry for his reelection campaign." However, despite Trump's request, it is reported that oil companies have not yet donated large sums, contributing about $6.4 million to Trump's political fundraising organizations in the first quarter of this year.
Meanwhile, although the Biden administration emphasizes a clean energy transition in its energy policy, the fossil fuel industry is actually experiencing a heyday. Due to the rise in international oil prices caused by the Russia-Ukraine war, record oil production has driven operating profits sharply higher.
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