Big Oil dishes out record $54.2 million to boost GOP candidates: analysis
The investigative outlet Sludge reported Thursday that the fossil fuel industry has pumped a record sum this election cycle into a pair of super PACs dedicated to securing GOP control of the House and retaking the narrowly Democratic Senate next month.
Citing Federal Election Commission (FEC) filings made public earlier this week, Sludge noted that oil and gas giants such as Chevron and ConocoPhillips as well as the American Petroleum Institute—the industry's largest lobbying group—donated more than $20 million total to the Congressional Leadership Fund (CLF) and the Senate Leadership Fund (SLF) in the third quarter of 2024.
"The latest wave of donations brings the fossil fuel industry's total to more than $54.2 million given to the CLF and SLF during the 2023-24 election cycle through September, according to Sludge's analysis," the outlet reported. "The two super PACs have launched tens of millions of dollars of ads in the month before Election Day, with control of both chambers of Congress up for grabs."
The new analysis of Big Oil's spending in the final stretch of the 2024 campaign came months after Republican presidential nominee Donald Trump urged major fossil fuel industry players to raise $1 billion for his White House bid. In exchange, Trump—who has campaigned on the slogan "drill, baby, drill"—said he would work to roll back climate rules put in place by the Biden-Harris administration.
One watchdog group called on the FBI and Department of Justice to investigate Trump's offer as possible criminal bribery, and congressional Democrats are currently probing what they described as the former president's "quid pro quo solicitations."
According to OpenSecrets, the oil and gas industry has spent over $152 million on campaign contributions this election cycle, with over 88% of that total going to Republican candidates.
The Washington Post reported in August that Harold Hamm, the billionaire founder of Continental Resources, "has become Trump's point person in raising funds from oil industry donors and relaying to the ex-president what the industry wants."
So far, the industry has given over $21 million to Trump's campaign committee and PACs supporting his candidacy, and Big Oil lawyers are already reportedly drawing up executive orders for him to sign should he defeat Democratic nominee Kamala Harris next month.
The newly released FEC filings show that Trump's campaign has also received a substantial fundraising boost in recent months from just a handful of billionaires, including Tesla CEO and X owner Elon Musk and Energy Transfer Partners chair Kelcy Warren.
Joshua Graham Lynn, CEO of the anti-corruption group RepresentUs, said in a statement Thursday that "the latest super PAC filings show that a handful of billionaires are spending staggering amounts of money to influence the outcome of our elections."
"In 2010, the courts opened the floodgates for individuals and corporations to spend unlimited amounts of money on our elections," Lynn said, alluding to the Supreme Court's Citizens United ruling. "It's no coincidence that American politics has grown more and more polarized and divisive since then. Our system is broken, and we won’t be able to fix it until we eliminate the influence of money in politics and root out the corruption that comes with it."