What helps Donald Trump make millions of dollars in Texas?

The Houston fundraiser was a joint effort between Donald Trump's campaign, the Republican National Committee, and a fundraising group that has contributed tens of millions of dollars to help with his legal fees.

The Houston fundraiser attracted billionaires from the US oil and energy sector, including: Mr. Jeff Hildebrand, founder of Hilcorp Energy - a major US oil company; Mr. George Bishop, founder of GeoSern Energy; Mr. Harold Hamm, founder of Continental Resources - one of the leading energy companies; and Mr. Kelcy Warren, head of Energy Transfer Partners, a famous pipeline company.

A Trump campaign official said fundraising events in Texas raised at least $15 million. Two other sources said the total fundraising events in Texas could have reached about $40 million.

After a series of major fundraising events across the country, Donald Trump surpassed President Joe Biden in fundraising for the first time in April, ahead of the 2024 US presidential election.

Donald Trump has drawn support from the energy industry by promoting fossil fuel subsidies and opposing related regulations, while often criticizing President Joe Biden's policies to accelerate the energy transition to a low-carbon economy.

Donald Trump arrives to speak and sign an executive order on energy and infrastructure at the International Center for Operating Engineer Education and Training in Crosby, Texas, US on April 10, 2019 (Photo: Reuters)

Under President Joe Biden, the oil and gas industry has flourished despite the government's focus on measures to reduce the impact of climate change and impose stricter regulations.

These include measures such as a ban on fracking on federal land to prevent or limit the use of a method of oil and gas extraction (fracking is short for hydraulic fracturing).

Fracking is a method of extracting oil and gas by injecting fluids, usually water, chemicals, and sand, into the ground under high pressure to create fractures that release oil and gas from the extracted layers. Fracking bans may be enacted to protect the environment, reduce pollution, and address energy security concerns.

Despite the temporary freeze on approving new gas export projects, the oil and gas industry is still posting record profits and producing more oil and gas than ever.

Mark Carr, founder of Christian Brothers Automotive in the Houston area, praised and welcomed Donald Trump's commitment. Mr. Carr emphasized that Donald Trump received consensus from the community when he promised to build more natural gas pipelines if re-elected and restart fracking in areas where this activity was banned under President Biden.

Mr. Mark Carr also believes that Mr. Donald Trump will promote policies and measures to restore and strengthen the energy industry, create job opportunities, promote economic development and reduce dependence on imported energy from other countries.

Under President Joe Biden, the United States has resumed importing a limited amount of crude oil from Venezuela, with the purpose of using the oil from Venezuela in production and processing at U.S. refineries.

At the fundraiser, Donald Trump stressed that the US should stop buying oil from Venezuela, especially the "asphalt" type, and instead use oil from the US. He said this would help the US become more independent in energy and protect national security.

At the same time, candidate Donald Trump proposed supporting the oil industry by cutting taxes, making the permitting process easier and eliminating some unnecessary regulations.

At the event, oil industry insider Dan Eberhart said that measures such as tax cuts and simpler permitting processes could help the oil industry thrive. He believes this could lead to more stable energy supplies for the country and lower gas prices for consumers.

According to Teofilo Lingi, CEO of EK-Petrol, former President Donald Trump has brought benefits to the oil industry and business relations with Angola - where his company operates.

Meanwhile, the US Senate Finance and Budget Committee recently began an investigation into a proposal to roll back a series of environmental regulations in exchange for a $1 billion contribution to Donald Trump's election campaign.

The investigation comes a week after top Democrats on the House Oversight Committee requested information from nine oil companies about offers or deals former President Donald Trump may have made at a campaign event at his Mar-a-Lago resort.

Source: https://congthuong.vn/election-of-the-US-President-2024-what-can-donald-trump-do-to-earn-millions-of-dollars-in-texas-322164.html