Roundup: Trump Returns to Oil $$ Well Hours After Guilty Verdict

WASHINGTON, D.C. – Donald Trump hadn’t been a convicted felon for more than a few hours last Thursday before he rushed back to the well to drill for more of Big Oil’s money. New reporting from Politico confirms that they aren’t cutting off their cash spigot despite Trump’s conviction, and are instead doubling down on their support. Trump’s felony conviction received an immediate embrace from John Catsimatidis, CEO of United Refining Company, whose own refinery workers pay some of the highest gas prices in Pennsylvania.  

It isn’t surprising that Big Oil is again rushing to Trump’s defense, investing more money into his $1 billion request. The Washington Post reports that Trump has promised to fast-track industry mergers and ensure they get less scrutiny, even though scrutiny of one such merger has prompted an investigation into former Pioneer Natural Resources CEO Scott Sheffield over alleged collusion with Russia and Saudi Arabia to inflate oil prices artificially.  

Politico: “Former President Donald Trump’s most fervent supporters in the oil industry aren’t backing away from him despite his guilty verdict — even as some executives express weariness with his constant drama and nervousness over Democrats’ growing attacks on their businesses.

While a relatively small group of big-money oil executives are feeding millions of dollars to Trump’s reelection bid, the entire oil sector is stinging from the rhetorical and regulatory volleys that President Joe Biden and congressional Democrats are lobbing their way, six people in the industry told POLITICO. Those include Democratic lawmakers’ push for investigations into allegations that oil executives colluded to raise fuel prices and spent decades misleading the public about climate change.  

Thursday’s conviction has only increased support for the presumptive GOP nominee within the oil and gas industry, some of the people said — in large part, because they still view him as the likely winner in November’s election.” 

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“So despite the discomfort of having to explain to international partners why they are backing a convicted felon, they still believe that Trump’s policies in a second term would make their business lives easier, one oil industry lawyer said in an email.”

The Washington Post: “Former president Donald Trump suggested to oil executive donors this month that he could ease the Federal Trade Commission’s scrutiny of their industry’s mergers and acquisitions if he returns to the White House, according to five people familiar with the matter. During a fundraiser in Houston on May 22, oil executives complained that the FTC has taken too long to approve deals and has requested too much information. Occidental Petroleum CEO Vicki Hollub told Trump that her company’s $12 billion acquisition of the oil and gas producer CrownRock had been delayed as the government sought information off her phone, the five people said.

Trump expressed dismay that the federal government had probed her phone for information and vowed that his administration would treat her differently if he won the presidency, according to the people familiar with the matter, who spoke on the condition of anonymity because they were not authorized to comment publicly.

“Can you just wait a few months?” he said, according to these individuals.

Trump’s remarks, which have not previously been reported, indicated that he may try to influence the FTC, an independent agency, on behalf of his supporters. They come as the oil and gas industry is in the midst of multibillion-dollar mergers, which have prompted calls from Democrats for strict government scrutiny.

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Congressional Democrats have called on the FTC and the Justice Department to investigate a recent wave of oil and gas industry mergers, suggesting that they have raised energy costs for American families and businesses. Senate Majority Leader Charles E. Schumer (N.Y.) and 22 other Democratic senators sent a letter on Thursday urging the DOJ to “use every tool” at its disposal to prevent and prosecute alleged price-fixing in the oil industry.

The FTC alleged earlier this month that Scott Sheffield, the former CEO of Pioneer Natural Resources, had colluded with the coalition of oil-producing nations led by Saudi Arabia and Russia to artificially raise crude oil prices. Sheffield has denied the allegations and accused the government of “vilifying” him without evidence.”