Alleged ‘Deal’ Offer From Trump Could Save Big Oil $110 Billion: Study

"Ex-president at Mar-a-Lago last month hosted more than 20 executives, including from Chevron, Exxon and Occidental"

"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.

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."

Oliver Milman and Dharna Noor report for the Guardian May 16, 2024.

Source: Guardian, 05/20/2024