Harold Hamm: This election is the most important in the oil industry ever

Harold Hammfounder of Continental Holdings, is rallying Big Oil executives to support former President Donald Trump’s candidacy, according to a report from The Washington Post. Hamm, a prominent energy billionaire, stressed the importance of this election to his oil colleagues, urging them to contribute to Trump’s campaign in hopes of receiving regulatory benefits if Trump returns to the White House.

“We have to do this because these are the most important choices of our lives,” Hamm told executives.

His mobilization has already resulted in significant financial support for the Trump campaign and associated Political Action Committees (PACs). To date, the industry has contributed $20.3 million, with some executives donating for the first time. A Trump campaign adviser noted the influx of top-dollar checks from new donors, underscoring the strategic importance of those contributions.

This, despite some arguing that former President Trump is no friend of the oil industry, pointing out that he boasted about lower gas prices during his tenure, while criticizing the current Biden/Harris administration for the current high price of pump and the resulting burden on American consumers.

The oil industry is currently enjoying near-record production levels — even surpassing production during Trump’s previous term, if the weekly estimates from the EIA are accurate, which analysts say is not the case. However, Hamm and other fossil fuel executives expressed more significant concerns about potential policy changes under another administration, particularly if Kamala Harris were to become president. Harris’ record as California attorney general includes prosecuting oil companies over leaking pipelines and storage tanks and suing the Obama administration over offshore fracking, actions that have raised concerns among industry leaders.

Hamm’s Agenda for a Potential Trump’s second term includes specific requests: new oil leases on currently protected federal lands, relaxing Endangered Species Act restrictions, and repealing several Environmental Protection Agency (EPA) regulations. These proposed changes aim to increase the operational latitude and profitability of the oil and gas industry.

By Julianne Geiger

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