Donald Trump taps Texas oil tycoons in bid to close cash gap with Joe Biden
The stories that matter on money and politics in the race for the White House
Donald Trump swept through Texas on Wednesday seeking to bolster his campaign war chest with donations from oil barons and moguls controlling vast fortunes spanning sectors from sports to automotive.
The former president, whose in-person campaigning has been restricted by his “hush money” criminal trial in New York, attended lunchtime fundraisers in Houston before dashing to a dinner in Dallas.
One Houston event was hosted by shale oil tycoon Harold Hamm, chair of Continental Resources, alongside Occidental Petroleum chief Vicki Hollub and Energy Transfer chair Kelcy Warren. Jeff Hildebrand of Hilcorp, another oil company, and George Bishop of GeoSouthern Energy were among the hosts of another meeting.
Trump has sought to shore up support among deep-pocketed executives in the US’s fossil fuel sector with a pledge to rip up much of President Joe Biden’s environmental and climate agenda and allow the industry to “drill, baby, drill”.
“President Trump is supported by people who share his vision of American energy dominance to protect our national security and bring down the cost of living for all Americans,” Trump campaign spokeswoman Karoline Leavitt said in a statement to the Financial Times.
The fundraising drive targeting Texas’s wealthy donors comes as Trump seeks to catch Biden in a race to build a cash pile for what is expected to be the most expensive White House contest ever. Biden has $70mn more on hand than Trump, according to an FT analysis of the latest campaign finance data.
Trump is also set to visit California next month for a series of fundraisers hosted by billionaire tech entrepreneur Palmer Luckey and venture capitalist David Sacks, among others.
At Houston’s five-star Post Oak hotel, owned by Houston Rockets owner and Trump supporter Tilman Fertitta, attendees on Wednesday were shuttled into a room decked out with blue drapes and US flags for lunch, photo ops and a roundtable with the former president. Outside, a tight security detail of staffers, Houston police officers and secret service turned away those who had not paid the $10,000 minimum cost of admittance.
Energy Transfer’s Warren declined to comment. None of the other oil executives in attendance responded to requests for comment.
Despite the strong turnout in Houston, many oil executives have been privately sceptical of Trump, whose volatility and vows to ratchet up tariffs could undercut oil demand.
Hamm had initially pushed for Florida Governor Ron DeSantis and later gave money to Nikki Haley, while Hildebrand donated to North Dakota Governor Doug Burgum and former vice-president Mike Pence.
But leading oil executives offer a rich vein for Trump’s fundraisers, with many flush with cash after their companies racked up record profits in the past three years.
“He’ll raise money here, for sure. Now, will it be as much as last time? I would be surprised if it was,” said one wealthy Texas oil donor who has donated to the Republican party in the past but has described himself as a “never-Trumper”.
Wednesday’s trip was Trump’s second to Texas in less than a week, after he addressed the National Rifle Association in Dallas on Saturday. He praised Texas and also accused Biden of creating the “weakest border in history” — a hot-button topic in the state.
“Donald Trump is in Texas for one reason: so his oil and gas buddies cut him checks, because they know he’ll cut their taxes,” said Biden campaign spokesperson Ammar Moussa.
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Despite Biden’s overall cash advantage, Trump raised more than him in April, according to figures from the two campaigns.
The Hildebrand event on Tuesday raised funds for causes including the Trump campaign and a group that pays the ex-president’s legal bills, and was co-hosted by Fertitta, helicopter baron Al Gonsoulin, hospitality chief Emerson Hankamer and auto magnate John McGill.
The host committee gave $250,000 or raised $500,000 per couple and attendees gave at least $10,000 per person, according to the invitation.
The lunch hosted by Hamm, Hollub and Warren raised money for Make America Great Again Inc — a pro-Trump super Pac that has given more than $57mn to Save America, the primary group paying Trump’s lawyers. Super Pacs are allowed by law to raise unlimited amounts from individuals.
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