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TRUMPs' DIRTY DEAL With BIG Oil Could Save CEOs $110BIL
TRUMP Investigated Over $1 Billion Quid Pro Quo Deal With Big Oil
TRUMP Makes DIRTY DEAL With Oil & Gas Industry - Vowed to Gut Climate Laws in Exchange For $1BIL From Oil Bosses
MSRAW 15 MAY 2024
TRUMP looks to big oil CEOs for $1BIL towards presidential campaign
A top U.S. House Democrat announced Tuesday that he is demanding answers from fossil fuel executives after Washington Post reporting revealed last week that former Republican President Donald Trump recently told industry leaders he would gut climate regulations if they raised $1 billion for his 2024 presidential campaign.
Maryland Congressman Jamie Raskin, ranking member of the Committee on Oversight and Accountability, on Monday wrote to the heads of the American Petroleum Institute (API) and eight companies: Cheniere Energy, Chesapeake Energy, Chevron, Continental Resources, EQT Corporation, ExxonMobil, Occidental Petroleum, and Venture Global LNG.
Raskin's letters note that the executives "appear to have attended" Trump's fundraising dinner at Mar-a-Lago in Florida last month and "media reports raise significant potential ethical, campaign finance, and legal issues that would flow from the effective sale of American energy and regulatory policy to commercial interests in return for large campaign contributions."
"Mr. Trump's unvarnished quid pro quo offer is especially troubling evidence in light of recent accounts that the 'U.S. oil industry is drawing up ready-to-sign executive orders for Donald Trump aimed at pushing natural gas exports, cutting drilling costs, and increasing offshore oil leases in case he wins a second term,'" he wrote, citing Politico.
"These preparatory actions suggest that certain oil and gas companies, which have a track record of using deceitful tactics to undermine effective climate policy, may have already accepted or facilitated Mr. Trump's explicit corrupt bargain."
Raskin also highlighted findings from a January Oversight Committee Democrats staff report, which shows that "when Mr. Trump was in office, he accepted at least $7.8 million from kings, princes, and foreign states, including the People's Republic of China and Saudi Arabia, in blatant violation of the Constitution's foreign emoluments clause, and rendered a sequence of foreign policy favors to his patrons."
The congressman—and constitutional scholar—asked the executives to respond to questions and document requests by May 27. He is seeking the names of employees who attended the April 11 fundraiser, copies of materials distributed during the event, descriptions of all policy proposals and related campaign contributions discussed, and draft executive orders or policy paperwork prepared by members of the companies.
"The Committee on Oversight and Accountability is the principal oversight committee of the House of Representatives and has broad authority to investigate 'any matter' at 'any time,'" Raskin explained. "The requested information is needed to investigate and legislate on matters related to presidential and presidential-candidate ethics and to continue to address the major ethics crisis created by Donald Trump's efforts to profit off the presidency."
As Raskin released the letters on Tuesday, Media Matters for America's Allison Fisher pointed out that "unfortunately, over a four-day period, TV news broadcast and cable networks—with the exception of MSNBC—did not cover Trump's proposition to oil executives."
However, Trump has made his policy plans clear. Even before the fundraiser, he publicly pledged to "drill, baby, drill" if he beats Democratic President Joe Biden in November. One March analysis found that a second Trump term would lead to the release of 4 billion more tons of planet-heating carbon dioxide—the combined annual emissions of the European Union and Japan—by 2030 than if Biden were reelected.
The letters aren't the first time Raskin has taken aim at the fossil fuel industry this month. At the beginning of May, he testified before the U.S. Senate Budget Committee about a nearly three-year investigation into "Big Oil's campaign of deception and distraction," which he said "undermines the efforts we need to mobilize our people and government to save our climate, our habitat, and our species."
"Unless the deception ends, and until the industry is held accountable," the congressman warned, "we are unlikely ever to be able to muster the national political will to effectively tackle climate change."
TRUMPs' DIRTY DEAL With BIG Oil Could Save CEOs $110BIL
DIRTY Deal Offer From TRUMP to BIG Oil Could Save Industry $110BIL
TRUMP at Mar-a-Lago last month hosted more than 20 executives, including from Chevron, Exxon and Occidental
The Guardian 16 MAY 2024
A “deal” allegedly offered by Donald Trump to big-oil executives as he sought $1bn in campaign donations could save the industry $110bn in tax breaks if he returns to the White House, an analysis suggests.
The fundraising dinner held last month at Mar-a-Lago with more than 20 executives, including from Chevron, Exxon and Occidental Petroleum, reportedly involved Trump asking for large campaign contributions and promising, if elected, to remove barriers to drilling, scrap a pause on gas exports, and reverse new rules aimed at cutting car pollution.
Trump this week also held a fundraiser hosted by US senator JD Vance, one of the largest recipients of big oil funding in Congress
Congressional Democrats have launched an investigation into the “ethical, campaign finance and legal issues” raised by what one Democratic senator called an “offer of a blatant quid pro quo”, while a prominent watchdog group is exploring whether the meeting warrants legal action.
But the analysis shared with the Guardian shows that the biggest motivation for oil and gas companies to back Trump appears to be in the tax system, with about $110bn in tax breaks for the industry at stake should Joe Biden be re-elected in November’s election.
Biden wants to eliminate the tax breaks, which include long-standing incentives to help drill for oil and gas, with a recent White House budget proposal targeting $35bn in domestic subsidies and $75bn in overseas fossil fuel income.
“Big oil executivess are sweating in their seats at the thought of losing $110bn in special tax loopholes under Biden in 2025,” said Lukas Ross, a campaigner at Friends of the Earth Action, which conducted the analysis.
Ross said the tax breaks are worth nearly 11,000% more than the amount Trump allegedly asked the executives for in donations. “If Trump promises to protect polluter handouts during tax negotiations, then his $1bn shakedown is a cheap insurance policy for the industry,” he said.
Some of the tax breaks have been around for decades, and are a global issue, but the US oil and gas industry benefited disproportionately from tax cuts passed by Trump when he was president in 2017.
Next year, regardless of who is president, a raft of individual tax cuts included in that bill will expire, prompting a round of Washington deal-making over which industries, if any, will help fund an extension.
Lobbying records show that Chevron, Exxon, ConocoPhillips, Occidental, Cheniere and the American Petroleum Institute (API) have all met lawmakers this year to discuss this tax situation, likely encouraging them to ignore Biden’s plan to target the fossil fuel industry’s own carve-outs.
Chevron and ConocoPhillips, the analysis shows, lobbied on a deduction for intangible drilling costs, the largest federal subsidy for US oil and gas companies, which is worth $10bn, according to federal figures.
Other lobbying centered on more generalized tax breaks that the oil and gas industry has taken advantage of. ExxonMobil lobbied for a little-known bill that would restore a bonus depreciation deduction to its full value, which, according to Moody’s, would allow big oil to avoid Biden’s newly established corporate minimum tax.
“Unlike previous administrations, I don’t think the federal government should give handouts to big oil,” Biden said following his inauguration in 2021. But Congress and the president will have to agree to any new tax arrangements next year, and the fossil-fuel industry continues to have staunch support from Republicans and some Democrats.
The API insisted its industry gets no favorable treatment in the tax system. “America’s energy industry proudly invests in communities, pays local, state and federal taxes and receives no special tax treatment from the federal government,” an API spokesperson said.
“This nonsense report is another attempt to distract from the importance of all energy sources – including oil and natural gas – to meet America’s growing energy needs.”
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That buzz you hear is George Washington spinning in his grave
TRUMPs' DIRTY DEAL With BIG Oil Could Save CEOs $110BIL
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