The oil industry is taking center stage as election year politics heat up. On Capitol Hill, Democratic lawmakers are escalating their investigations into what they say are oil majors’ deceptive practices, including allegations of collusion and price fixing. Off the Hill, former President Donald Trump is trying to woo oil executives — and their deep pockets — back to his campaign, as Ben Lefebvre and Josh Siegel break down in Thursday’s POLITICO Energy podcast. Executives, meanwhile, are drafting specific policies they would want Trump to enact in a second term. Democrats want to know the details of those talks, too. And despite the Biden administration’s muddled track record on oil, President Joe Biden’s campaign was happy to add fuel to the oil train, pouncing on Trump’s lobbying. “Donald Trump flew to Texas for fundraisers and promised oil barons whatever policies they want — including rolling back environmental protections — all so they can rake in billions more, while middle class and working class families pay more,” Biden-Harris 2024 spokesperson Ammar Moussa said in a statement. Republicans, meanwhile, have been eager to wield an oil weapon of their own — blaming Biden for the rise in gasoline prices compared with what motorists were paying during the pandemic. Roping in the DOJ: Democrats are asking the Justice Department to investigate multiple aspects of the oil industry’s operations. Sen. Sheldon Whitehouse of Rhode Island and Rep. Jamie Raskin of Maryland asked the department to pick up their three-year investigation that they say confirms oil companies, including Exxon Mobil and Chevron, misled the public about the climate effects of burning fossil fuels. Lawmakers, including Senate Majority Leader Chuck Schumer, also asked the DOJ to investigate allegations from the Federal Trade Commission that the former CEO of Pioneer Natural Resources, a company now owned by Exxon Mobil, attempted to collude with his OPEC competitors to fix oil production at levels that would keep prices elevated. And congressional Democrats launched another investigation into what oil executives may have promised or been promised at a now-famous dinner with Trump where people familiar with the conversation say he asked them for $1 billion in campaign donations. Spokespeople for the oil companies did not immediately respond to POLITICO’s request for comment. An American Petroleum Institute spokesperson said communications between Trump’s campaign and the industry are nothing out of the ordinary. “This is yet another election-year stunt to distract from America’s need for more energy, including more oil and natural gas, to power our economy and combat persistent inflation,” API spokesperson Andrea Woods said. Trump’s oil play: The $1 billion request — first reported by The Washington Post — is part of Trump’s efforts to rev up the amount of money his campaign is getting from oil industry leaders after some chose to donate to other Republican campaigns, Ben said on the podcast. But it’s unclear how enthusiastic the industry is about a second Trump administration, given executives’ unhappiness about the trade wars and regulatory uncertainties of his first term. Executives worry their money will largely be spent on Trump’s legal troubles, Ben said, which could also distract him from swiftly reversing Biden-era climate rules. Still, Trump’s pitch appears to be making some inroads. Three oil executives, including billionaire Energy Transfer Partners CEO and Chairman Kelcy Warren, hosted a fundraiser for Trump this week that, according to The Washington Post, raised more than $25 million.
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