Harold Hamm: This Election is Oil Industry's Most Important Ever

Harold Hamm, the founder of Continental Holdings, is rallying Big Oil executives to support former President Donald Trump's reelection bid, according to a report from The Washington Post. Hamm, a notable billionaire in the energy sector, has stressed the importance of this election to his oil peers, urging them to contribute to Trump's campaign in hopes of receiving regulatory benefits should Trump return to the White House.

"We've got to do this because it's the most important election in our lifetime," Hamm told the executives.

His mobilization has already resulted in significant financial support for Trump's campaign and associated Political Action Committees (PACs). To date, the industry has contributed $20.3 million, with some executives making donations for the first time. A Trump campaign aide noted the influx of maximum-amount checks from new donors, highlighting the strategic importance of these contributions.

This, despite some arguing that former President Trump is no friend of the oil industry, pointing to the fact that he has boasted about the lower gasoline prices during his term while criticizing the current Biden/Harris Administration for the current high price at the pump and the resulting burden on U.S. consumers.

The oil industry is currently enjoying near record-high production levels—even surpassing the output during Trump's previous term if weekly estimates from the EIA are accurate, which analysts have argued is not the case. However, Hamm and other fossil fuel executives have expressed more significant concerns over potential policy changes under a different administration, particularly if Kamala Harris were to become president. Harris's track record as California's attorney general includes prosecuting oil companies for pipeline and storage tank leaks and suing the Obama administration over offshore fracking, actions that have prompted fears among industry leaders.

Hamm's agenda for a potential second Trump term includes specific requests: new oil leases on currently protected federal lands, easing of the Endangered Species Act restrictions, and the repeal of several Environmental Protection Agency (EPA) regulations. These proposed changes aim to enhance the oil and gas industry's operational latitude and profitability. 

By Julianne Geiger

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