At a meeting with top oil executives at his Mar-a-Lago club last month, Donald Trump offered to reverse the Biden administration’s environmental policies in exchange for a donation 1 billion USD for his presidential re-election campaign. Washington Post report.
The donation would be a “deal” because of the taxes and regulations that oil companies would avoid because of him, according to the report, which also cited people aware of the conversation on the proviso. anonymous.
Under this quid pro quo, Trump reportedly said he would eliminate stricter EPA emissions regulations that were supposed to boost electric car sales—something he is quite critical of—until early next decade (while moving away from the electric vehicle mandate) as well as ending the Biden administration’s freeze on new liquefied natural gas (LNG) export permits and auctioning of more drilling leases oil in the Gulf of Mexico.
Oil field (Photo: Flickr user Johnny Choura, used under CC license)
The report notes that under Biden, the US is now producing more oil than any country has ever produced, at nearly 13 million barrels per day last year. ExxonMobil and Chevron—America’s two largest energy companies—also reported their biggest profits in a decade last year. But the oil industry still complains about Biden’s policies — especially the EPA’s new emissions regulations.
However, according to the report, oil companies are still hesitant to fund Trump’s campaign. According to an analysis by the advocacy group Climate Power, oil companies contributed more than $6.4 million to Trump’s joint fundraising committee in the first three months of this year. In contrast, one oil executive said during a meeting at Mar-a-Lago that the industry has spent $400 million lobbying the Biden administration this year.
It’s worth remembering that these companies have diversified their investments, becoming “energy companies” rather than oil companies, and petroleum is considered a legacy business – however , it will matter in the long run. So it’s not surprising that they didn’t immediately accept Trump’s offer.
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If oil executives accept the former president’s above offer, they will have good reason to feel confident that he will follow through. During Trump’s final term as president, his agencies tried California emissions agency recall—and fail—and delay the imposition of higher fines for automakers that fail to meet emissions targets.
If reelected, eliminating stricter emissions regulations and electric vehicle-friendly policies may not be the only way Trump disrupts the auto industry. He announced that he would look for one 100% tax on Chinese cars—even if they are made in Mexico—with some signs that he may try to go further in dismantling what’s left of NAFTA, allowing Mexican-made vehicles from Other global auto manufacturers are tax-exempt and eligible for certain federal incentives.
