The “good Deal” Trump Allegedly Offered Oil Execs Might Be Worth $110 Billion

This story was originally published by the Guardian and is reproduced here as part of the Climate Desk collaboration. A “deal” allegedly offered by Donald Trump to Big Oil executives as he sought $1 billion in campaign donations could save the industry $110 billion 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, ExxonMobil, 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 $110 billion in tax breaks for the industry at stake should Joe Biden be re-elected in November’s election. Biden wants to eliminate the tax breaks, which include long-standing incentives to help drill for oil and gas, with a recent White House budget proposal targeting $35 billion in domestic subsidies and $75 billion in overseas fossil fuel income. “Big oil executives are sweating in their seats at the thought of losing $110 billion in special tax loopholes under Biden in 2025,” said Lukas Ross, a campaigner at Friends of the Earth Action, which conducted the analysis. Sen.