Trump rolled back regulations for oil company campaign donors, Democrats say
XLE•Two Senate Democrats said a report found oil and gas companies received tax breaks, subsidies and regulatory rollbacks after Trump asked them for $1 billion in campaign donations. The report said it tracked hundreds of millions of dollars in campaign spending and hundreds of billions of dollars in tax breaks and revenues.
1. Democrats detail report
Senators Chuck Schumer and Sheldon Whitehouse released a report saying oil and gas companies were rewarded with tax breaks, subsidies and environmental regulatory rollbacks after then-candidate Donald Trump asked them for $1 billion in donations during the 2024 campaign. The report was based on investigations into actions by the EPA and other agencies, and probes into what the senators called 88 polluters.
2. EPA rules and costs
The report said the policies pushed consumers to buy more fossil fuels and that tracked campaign spending was followed by hundreds of billions of dollars in tax breaks and revenues. The EPA said its move to repeal Biden-era limits on power plant carbon emissions would save the industry $370 million in compliance costs; the Biden administration said its rule would bring $370 billion in benefits, including reduced medical bills.
