Oil Moguls Emerge as Key Cash Source for Trump as Race Nears End [View all]

Source: Bloomberg

October 6, 2024 at 8:00 AM EDT


Oil executives have emerged as an increasingly important source of funding for Donald Trump, as industry titans open their wallets to bolster the Republican nominee’s campaign for a second term in the White House.

The billionaires backing Trump include Kelcy Warren, chief executive officer of pipeline operator Energy Transfer LP; Harold Hamm, the founder of Continental Resources Inc.; and Jeff Hildebrand, CEO of Hilcorp Energy Co.

Trump sought more support last week with fundraisers in Midland, Texas, the heart of the prolific Permian Basin, and Houston, the self-styled “energy capital of the world.” The latest swing builds on May events with donors in Dallas and Houston and a closed-door energy roundtable with executives at Trump’s Mar-a-Lago Club in Florida.

Oil executives and employees have grown in significance for Trump as his fundraising base has narrowed. The industry is now his fourth-biggest source of cash, up six places from the 2020 election cycle, according to campaign data analyzed by OpenSecrets.

Read more: https://www.bloomberg.com/news/articles/2024-10-06/oil-moguls-emerge-as-key-cash-source-for-trump-as-race-nears-end