Trump suggests to oil donors he will fast-track their merger deals

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The ex-president’s pledge to the fossil fuel industry is the latest to emerge from a closed-door fundraising meeting.

suggested to oil executive donors this month that he could ease the Federal Trade Commission’s scrutiny of their industry’s mergers and acquisitions if he returns to the White House, according to fiveDuring a fundraiser in Houston on May 22, oil executives complained that the FTC has taken too long to approve deals and has requested too much information.

At the Houston fundraiser, Trump also gave a speech in which he vowed to immediately approve oil pipelines and expand oil drilling in a second term,A representative for Trump’s super PAC declined to comment on the former president’s interaction with Hollub. A campaign spokesperson did not respond to a request for comment.

Occidental’s acquisition of CrownRock is just one of several recent mergers in the oil and gas industry. On Wednesday, ConocoPhillips announced it is set to acquire Marathon Oil in an all-stock deal valued at $22.5 billion. On Tuesday, Hess shareholders approvedIf all of the pending deals are approved, only six companies would control two-thirds of remaining commercial oil reserves in the Permian Basin, according to the research firm Rystad Energy.

At the roundtable, the top donors were given access to talk with Trump about whatever was on their minds, according to people briefed on the event. Trump also vowed to shift the focus of the International Energy Agency, the world’s top energy watchdog, from combating climate change to boosting fossil fuels. In recent years, the IEA has focused more on clean energy, angering top oil producers and clashing with Trump’s “drill, baby, drill” philosophy. The United States providesof IEA’s funding, and Trump could push to replace its director, Fatih Birol, with someone more sympathetic to fossil fuel interests.

 

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