"Biden and Big Oil Had a Truce. Now, It’s Collapsing."

"Companies were enjoying record profits. But the president’s decision to pause permits for gas export terminals has whipped up industry support, and donations, for Donald Trump."

"Early in his term, President Biden seemed to have struck an uneasy truce with the oil and gas industry.

Mr. Biden had imposed restrictions on drilling as part of his ambitious climate agenda, but he also approved an enormous $8 billion oil project in Alaska. The United States had become the world’s leading exporter of natural gas, and no other country in history was pumping more crude. The industry was enjoying record profits.

Then, in January, Mr. Biden paused new permits for export facilities for liquefied natural gas.

That decision galvanized oil and gas companies against Mr. Biden, according to industry lobbyists, and will be an undercurrent at a fund-raising lunch set for Wednesday in Houston. The luncheon, organized by three oil executives, will benefit former President Donald J. Trump, who is running to unseat Mr. Biden and is expected to attend, according to several people who have seen the invitation."

Lisa Friedman and Rebecca Elliott report for the New York Times May 21, 2024.

Source: NYTimes, 05/22/2024