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The Senate Democrats have launched an investigation into claims that former President Donald Trump proposed a deal with leading oil and gas companies. The allegations suggest Trump offered to roll back environmental regulations in return for $1bn in campaign contributions.
What Happened: The probe is centered on Trump’s ties with the fossil fuel industry. This follows his fundraising tour in Texas, where he targeted affluent industry executives. The investigation forms part of the Democrats’ strategy to highlight Trump’s industry connections ahead of the November elections, reported The Financial Times.
Letters were sent to the leaders of companies such as ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX), and Occidental Petroleum (NYSE:OXY). The letters requested details about a meeting in April at Trump’s Mar-a-Lago resort and any promises made or contributions to his campaign.
Senate budget and finance committee chairs, Sen. Sheldon Whitehouse (D-R.I.) and Sen. Ron Wyden (D-Ore.), voiced concerns about the alleged “policies-for-money transaction,” labeling it as an indication of cronyism and corruption.
The American Petroleum Institute, another recipient of the letter, dismissed the probe as an “election-year stunt,” stating that their meetings with candidates and policymakers are intended to discuss sound energy policies.
The investigation is taking place amidst a fierce election-year conflict over energy policies between President Joe Biden and Trump, with industry stakeholders expressing dissatisfaction with Biden’s environmental crackdown.
Why It Matters: This investigation follows a series of allegations against Trump, including accusations of corruption and influence peddling in April 2024.
The Democrats had demanded a probe into Trump Media after reports alleged the company was bailed out by a Russian-American under scrutiny for money laundering.
This month, Hillary Clinton criticized Trump for allegedly bribing fossil fuel CEOs to reverse President Joe Biden’s climate action in exchange for $1B. These allegations, if proven, could significantly impact the upcoming November elections.
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
