Janice R. Andrews
Donald Trump’s 2024 presidential campaign is facing a financial crunch, prompting him to aggressively court wealthy oil and gas industry donors. Unlike his 2016 run, which was buoyed by small contributions, Trump is now targeting energy sector tycoons to help reach an ambitious $1 billion fundraising goal.
The former president’s strategy shift began last April with a high-profile fundraiser at Mar-a-Lago, where he specifically appealed to oil and gas magnates. Trump has since held multiple events in Texas, positioning himself as a champion of fossil fuels while criticizing Vice President Kamala Harris’ energy policies as “radical” and threatening to national energy security.
However, Trump’s claims about the current administration’s impact on the energy sector have been challenged. Despite his rhetoric about a “war on American energy,” the oil industry has actually thrived under President Joe Biden’s leadership, leading some potential donors to question Trump’s understanding of the industry’s realities.
While some oil billionaires like Kelcy Warren, Harold Hamm, and Jeff Hildebrand have made significant contributions, Trump’s fundraising efforts have fallen far short of his $1 billion target. The oil and gas sector has contributed just $22.4 million to date, with most donations coming from a small group of wealthy individuals.
This financial shortfall is already impacting Trump’s campaign operations. In August, his campaign spent $32 million more than it raised, and media spending has been significantly reduced compared to Harris’ campaign.
As the election approaches, Trump faces the challenge of convincing more oil industry leaders to open their wallets. However, he’s encountering resistance from some executives who, while supportive of his candidacy, are hesitant to provide financial backing.
The success of Trump’s last-minute push for oil industry funding remains uncertain. His reliance on Big Oil could prove to be a double-edged sword, potentially providing much-needed financial support but also raising questions about his ties to the fossil fuel industry as he makes his final appeal to voters.
