The fossil fuel industry’s unprecedented financial support for Donald Trump’s 2024 presidential campaign has quickly yielded results, with the swift implementation of policies favoring oil and gas interests.
According to a recent analysis by Climate Power, fossil fuel companies and their allies invested a staggering $96 million in direct donations to Trump’s campaign and affiliated political action committees during the 2023-2024 election cycle. This substantial sum was part of a larger $445 million spending spree by the industry to influence the election and shape policy.
In addition to campaign contributions, the oil and gas sector spent $243 million lobbying Congress during the same period. This aggressive approach to political influence has already shown signs of paying dividends for the industry.
Within weeks of taking office, President Trump issued a series of executive orders aimed at dismantling climate change policies implemented by his predecessor and promoting fossil fuel development. One of his first actions was to declare a “national energy emergency,” which calls for streamlining approvals for oil and gas projects and weakening environmental reviews.
Trump’s energy agenda, which he has dubbed “drill, baby, drill,” includes withdrawing the United States from the Paris Climate Agreement for a second time and halting new wind energy projects on federal lands and waters. These moves have been met with enthusiasm from fossil fuel industry advocates, who anticipate a favorable regulatory environment for oil, gas, coal, and plastics under Trump’s leadership.
The president’s actions align closely with the recommendations outlined in “Project 2025,” a conservative policy playbook that advocates for reversing what it terms the “war on oil and natural gas”. The Trump administration has already taken steps to expand offshore drilling, relax methane emission regulations, and cut renewable energy subsidies.
Congressional Republicans have also moved quickly to support the fossil fuel industry’s agenda. The House of Representatives is set to vote on repealing a methane fee on oil and gas producers that was implemented during the Biden administration.
Critics argue that Trump’s energy policies could have significant environmental and economic consequences. Climate Power senior advisor Alex Witt warned that “Trump’s energy agenda will raise costs for families, strip away energy choices, dirty our air and water, and put 400,000 new clean energy jobs at risk”.
Despite the rapid rollout of pro-fossil fuel policies, experts caution that the U.S. energy landscape is unlikely to change overnight. The Biden administration’s Inflation Reduction Act, which directed hundreds of billions of dollars towards renewable energy and clean technology, remains in place and continues to influence the sector.
As the debate over America’s energy future intensifies, the fossil fuel industry’s massive investment in political influence has positioned it to play a central role in shaping policy for years to come. The stage is now set for a significant shift in the nation’s approach to energy and climate issues.
