Trump asks Big Oil for $1B in campaign cash

[mystery-ak]

 Trump asks Big Oil for $1B in campaign cash
by Rachel Frazin and Brett Samuels - 05/09/24 4:00 PM ET

Former President Trump asked oil industry executives for $1 billion in campaign cash, according to someone with knowledge of the meeting.

Trump met with oil executives at Mar-A-Lago last month. His request for $1 billion for his campaign was previously reported by The Washington Post and The New York Times.

The Post reported that Trump said the donations would be a “deal” for oil executives because of the tax cuts and relaxed regulations he would implement, but the person who spoke with The Hill said the discussion was not framed as any sort of quid pro quo.

A second source, who was not in attendance but spoke to people who were, also confirmed Trump made the ask for donations. The source said Trump had previously chided oil executives about not opening up their pocketbooks enough for his campaign.

Trump campaign spokesperson Karoline Leavitt did not confirm or deny that Trump had requested $1 billion when asked.

“Joe Biden is controlled by environmental extremists who are trying to implement the most radical energy agenda in history and force Americans to purchase electric vehicles they can’t afford,” Leavitt said in a written statement.

more
https://thehill.com/policy/energy-environment/4654557-trump-big-oil-1b-campaign-cash-request/

[Fishrrman]

In my opinion, for the future of "Big Oil", this is probably money worth spending...

[mystery-ak]

Democrats berate Trump for reportedly urging $1 billion donation from oil executives
By
Ross O'Keefe
May 9, 2024 5:21 pm
.

Several prominent Democrats slammed former President Donald Trump for reportedly asking top oil executives for $1 billion for his campaign in exchange for a rollback of environmental standards that he said hurt the industry.

Gov. Gavin Newsom (D-CA) led the charge, saying Trump is “giving our planet away in return for cash” in a post on X referencing a Washington Post report. Newsom has been a consistent Trump opponent, differing with him on many topics, such as the advancement of electric vehicles.

https://twitter.com/GavinNewsom/status/1788613838876835943

Sens. Elizabeth Warren (D-MA) and Ed Markey (D-MA) also rebuked Trump in respective posts on X.

“Trump’s backroom dealmaking with Big Oil is a pledge to fan the flames of the climate crisis,” Markey said. “It’s unacceptable. We can’t let Trump bargain away our planet and our future.”

more
https://www.washingtonexaminer.com/news/campaigns/presidential/2998432/democrats-berate-trump-1-billion-donation-oil-executives/

[banddag]

Not sure how the oil co's will take this. The oil co's did not like the 4 years of Trump. Trump has said so multiple times. 'The oil co's hated me when I was President" was his exact words.

Trump opened up the oil free market too much and the oil co's burned through a trillion dollars of cash reserves. 2.00 per gallon gas was great for the consumer but not so much for the oil co's. Gas will never be below $3 ever again on a national average even of Trump is reelected. Articles are now just coming out the oil co's limited refinery production to keep the price of gas per gallon high since 2021 to build back their cash reserves even though record oil production.

The Dow threated to delist Exxon because they had burned through their cash reserves and their financials were bringing down the Dow. This is not the only reason they was delisted but it was a factor. Wall Street demanded oil co's make more profits

Exxon has since been removed from the Dow in 2020

[libertybele]

Not sure how the oil co's will take this. The oil co's did not like the 4 years of Trump. Trump has said so multiple times. 'The oil co's hated me when I was President" was his exact words.

Trump opened up the oil free market too much and the oil co's burned through a trillion dollars of cash reserves. 2.00 per gallon gas was great for the consumer but not so much for the oil co's. Gas will never be below $3 ever again on a national average even of Trump is reelected. Articles are now just coming out the oil co's limited refinery production to keep the price of gas per gallon high since 2021 to build back their cash reserves even though record oil production.

The Dow threated to delist Exxon because they had minimal cash reserves and their financials where bringing down the Dow. That is a kiss of death to be delisted from the Dow.

Do you have links????

[banddag]

Do you have links????

https://www.politico.com/news/2020/10/27/trump-oil-gas-industry-432722


The oil industry’s fortunes have been withering on President Donald Trump’s watch, with dozens of oil companies falling into bankruptcy as weak crude prices take a toll on the sector he contends would be abolished if he’s not reelected.

Though some of those industry woes were emerging last year as companies grappled with a glut of oil, people in the business say they were made worse by the president’s trade wars and mishandling of the coronavirus pandemic. So far least 40 U.S. oil companies have sought bankruptcy protection in 2020 while dozens of others have slashed spending and cut tens of thousands of jobs.




https://www.npr.org/2021/03/06/973649045/hold-that-drill-why-wall-street-wants-energy-companies-to-pump-less-oil-not-more
Oil prices have risen sharply over the last few months. Normally, that's a recipe for a drilling frenzy from U.S. oil producers. But something strange is happening, or rather, not happening.

"U.S. producers are actually being restrained at the moment," says Helima Croft, global head of commodities strategy at RBC Capital Markets. "They are trying to be disciplined."

Oil companies are under a lot of pressure to keep their production down. And the call is coming from inside the house: it's oil investors who are pushing for companies to pump less oil.



https://www.cbsnews.com/news/oil-production-prices-us-companies-wont-increase-2022-dallas-fed-survey/
to why they weren't drilling more, oil executives blamed Wall Street. Nearly 60% cited "investor pressure to maintain capital discipline" as the primary reason oil companies weren't drilling more despite skyrocketing prices, according to the Dallas Fed survey.

Only 11% cited environmental, social or governance issues; 8% said they had difficulty getting financing; 15% cited other reasons.

[banddag]

Opening up the market too much is just as bad as limiting it. There is that fine line.

https://www.cnbc.com/2018/11/23/trumps-quest-to-drive-down-oil-prices-turns-the-screw-on-american-drillers.html


Exxon Mobil earned $225 billion in profits 8 years under Obama.  $32 billion under 4 year with Trump.

https://www.forbes.com/sites/rrapier/2024/02/18/why-exxonmobil-earned-more-under-biden-than-under-trump/?sh=14a7c32d1eaf

[catfish1957]

Needs to be done from API rather than specific companies.

Don't spend equity that generates income that goes toward funding my divy check.

[catfish1957]

Not sure how the oil co's will take this. The oil co's did not like the 4 years of Trump. Trump has said so multiple times. 'The oil co's hated me when I was President" was his exact words.

Trump opened up the oil free market too much and the oil co's burned through a trillion dollars of cash reserves. 2.00 per gallon gas was great for the consumer but not so much for the oil co's. Gas will never be below $3 ever again on a national average even of Trump is reelected. Articles are now just coming out the oil co's limited refinery production to keep the price of gas per gallon high since 2021 to build back their cash reserves even though record oil production.

The Dow threated to delist Exxon because they had burned through their cash reserves and their financials were bringing down the Dow. This is not the only reason they was delisted but it was a factor. Wall Street demanded oil co's make more profits

Exxon has since been removed from the Dow in 2020

You don't know shit about Big Oil.

[mountaineer]

According to someone who once pumped his own gasoline and spoke to someone else who claimed to know ...

[banddag]

You don't know shit about Big Oil.

Prove the multiple articles I posted wrong.  The fact is Trump opened up the oil spicket too much and oil co's suffered

[catfish1957]

Do you have links????

Bean Dog  doesn't realize that those events took place during the Pandemic. So I wish he would become more knowledgeable before continously spewing false bullshit on this forum.  As far as XOM,  this happened at specific business conditions, where there was realignment of the investment slate in certain production  fields.  XOM was delisted from the DOW, and actually was surpassed by CVX in Market Cap. in 2020 briefly. 

Market Cap Today?

XOM- $531B
CVX- $305B

So before spewing idiotic things, at least become knowledgeable, and up to date on the facts.

[catfish1957]

Opening up the market too much is just as bad as limiting it. There is that fine line.

https://www.cnbc.com/2018/11/23/trumps-quest-to-drive-down-oil-prices-turns-the-screw-on-american-drillers.html


Exxon Mobil earned $225 billion in profits 8 years under Obama.  $32 billion under 4 year with Trump.

https://www.forbes.com/sites/rrapier/2024/02/18/why-exxonmobil-earned-more-under-biden-than-under-trump/?sh=14a7c32d1eaf

Before persisting with the silly.....   realize that oil prices cratered, (to acutal zero one day) during the Pandemic due to demand  DJT had absolutley nothing to do with that crash....   Except the point that he sponsored and supported policies opening the spigot to Max. 

Stop embarassing yourself.

[banddag]

According to someone who once pumped his own gasoline and spoke to someone else who claimed to know ...

Prove  the articles wrong.

You refuse to believe anything different than your own narrative and anything that goes against your narrative is either fake or liberal misinformation.
I remember on FR 90% of the people scoffed  and could not believe there is record oil and gas production under Biden even though someone posted an article from the Texas Oil and Gas Producers saying so and they still did not believe it.

You are so partisan that you have made yourself misinformed

[mountaineer]

I don't have to prove anything. That's on the one making the allegations. This so-called news article is nothing but hearsay and unsubstantiated sources.

[catfish1957]

Prove the multiple articles I posted wrong.  The fact is Trump opened up the oil spicket too much and oil co's suffered

Geez...

Opening the spigot helps the nation, even though myself as a stock holder I don't  mind the short term pain.  Big oil survived $10/bbl oil in the early 1980's, and if you asked CVX and XOM's management, they'd love $30-40/bbl, if it meant an ability to expand markets and production.   

[banddag]

Bean Dog  doesn't realize that those events took place during the Pandemic. So I wish he would become more knowledgeable before continously spewing false bullshit on this forum.

So before spewing idiotic things, at least become knowledgeable, and up to date on the facts.

Gas prices at the pump started  cratering in mid 2018 and into winter 2018/2019 and went even lower in 2019. Two years before the pandemic

https://www.usatoday.com/story/money/cars/2018/12/10/gas-prices/2268738002/

[catfish1957]

Prove  the articles wrong.

You refuse to believe anything different than your own narrative and anything that goes against your narrative is either fake or liberal misinformation.
I remember on FR 90% of the people scoffed  and could not believe there is record oil and gas production under Biden even though someone posted an article from the Texas Oil and Gas Producers saying so and they still did not believe it.

You are so partisan that you have made yourself misinformed

I have proven you wrong so many times in the last week, I'm getting sick of it.   (1) you touted the demise of XOM, and I showed you they have completed changed fortunes. XOM has over $200B more Market Cap than CVX since DOW realignment.  (2) Gave you a 101 lesson of supply/demand of intergrated oil and the price of oil is not always a barometer of industry health.  (3) Apparently you realize or think individual oil companies give tons of money in campaign cash, when actually these are dispersed through trade groups like API.  I used to have to register as a lobbyist in the day, and the rules are configured to take the politics out of the individual board, as much as possible.  (At least in the oil industry)

[catfish1957]

Gas prices at the pump started  cratering in mid 2018 and into winter 2018/2019 and went even lower in 2019. Two years before the pandemic

https://www.usatoday.com/story/money/cars/2018/12/10/gas-prices/2268738002/

Baloney- quarterly data from your benchmark point

Jun 1- 2018- $69.80 /bbl
Sep 1 2018-  $65.32/bbl
Dec 1 2018- $45.41/bbl
Mar 1- 2019- $60.14/bbl
Jun 1 2019- $58.47/bbl
Sep 1  2019- $68.80/bbl
Dec 1 2019-  $55.17/bbl
Apr 1 2020- $ 18.84/bbl

With subesquent recovery throughout the Pandemic in the $30's/bbl

[banddag]

I have proven you wrong so many times in the last week, I'm getting sick of it.   (1) you touted the demise of XOM, and I showed you they have completed changed fortunes. XOM has over $200B more Market Cap than CVX since DOW realignment.  (2) Gave you a 101 lesson of supply/demand of intergrated oil and the price of oil is not always a barometer of industry health.  (3) Apparently you realize or think individual oil companies give tons of money in campaign cash, when actually these are dispersed through trade groups like API.  I used to have to register as a lobbyist in the day, and the rules are configured to take the politics out of the individual board, as much as possible.  (At least in the oil)

I never said or quoted Exxons demise.  I said the other day they are making record profit. 

The fact is the oil companies burned through a trillion dollars of cash reserves under Trump and they were under extreme pressure from Wall Street  to increase their profits and cash reserves

[catfish1957]

I never said or quoted Exxons demise.  I said the other day they are making record profit. 

The fact is the oil companies burned through a billion dollars of cash reserves under Trump and they were under extreme pressure from Wall Street  to increase their profits and cash reserves

WTF?  in a previous point you made it an issue that they were delisted from the DOW, allowing CVX.


Remember this?

"The Dow threated to delist Exxon because they had burned through their cash reserves and their financials were bringing down the Dow. This is not the only reason they was delisted but it was a factor. Wall Street demanded oil co's make more profits

Exxon has since been removed from the Dow in 2020"

You have no idea what you are talking about.

[roamer_1]

You are so partisan that you have made yourself misinformed

The ol liberal 'misinformation' tag raises its ugly head...

[catfish1957]

The ol liberal 'misinformation' tag raises its ugly head...

Funny how partisanship only applies when the left gets their way.

[Smokin Joe]

You don't know shit about Big Oil.

2020? Go back and look at crude prices, supply, demand. Down, up, down, respectively. All that COVID stuff had a huge effect. Then Biden started his War on Oil and Gas...

[IsailedawayfromFR]

"Big Oil" is no more.

Still being used when there are now many, many players than decades ago when the 7 Sisters demanded patronage.

Big Oil patronage now is actually the big state oil companies like Saudi Aramco, Rosneft, Iranian Oil Company and Cinopec.

The Exxons and Chevrons are very small compared to what these giants are.

Yet some are still dumb enough to believe the Big Oil propaganda