Donald Trump’s 2024 presidential campaign is being fueled by a powerful ally in the fossil fuel industry: billionaire Harold Hamm, founder of Continental Resources. As Trump seeks to reclaim the White House, Hamm is rallying Big Oil executives to pour millions into his campaign, with the promise of rolling back climate regulations and advancing an agenda that prioritizes fossil fuel interests over environmental protection.
Hamm, a long-time supporter of Trump, has emerged as a key figure in the former president’s effort to secure the financial backing of the fossil fuel industry. Known for his influence in the oil sector, Hamm has a history of shaping U.S. energy policy to benefit his industry. During Trump’s first term, Hamm played a significant role in advocating for policies that opened up federal lands for drilling and rolled back key environmental protections. Now, he is doubling down on his efforts to ensure Trump’s return to power.
The alliance between Trump and Hamm was solidified at an event in Florida earlier this year, where Trump reportedly asked the oil and gas industry to contribute $1 billion to his campaign. The Washington Post reported that Trump vowed to dismantle the Biden administration’s climate regulations in exchange for this financial support. Hamm, who attended the event, took it upon himself to call other oil executives, urging them to attend fundraisers and open their wallets for Trump. Describing the upcoming election as “the most important election in our lifetime,” Hamm railed against President Joe Biden’s energy policies and rallied his peers to back Trump.
Hamm’s influence is evident in the substantial financial contributions flowing into Trump’s campaign from the fossil fuel industry. Thanks in part to Hamm’s efforts, Trump has managed to raise over $20.3 million from the sector. These contributions are critical to Trump’s 2024 campaign, as they help fund a platform that promises to undo the environmental progress made under the Biden-Harris administration.
The agenda being pushed by Hamm and other fossil fuel executives is clear. They want to see more federal lands opened for drilling, a weakening of the Endangered Species Act, and a reduction in regulations imposed by the Environmental Protection Agency (EPA). These policy priorities are in stark contrast to the current administration’s efforts to address the climate crisis and transition to renewable energy sources.
Vice President Kamala Harris, who has secured the Democratic nomination following President Biden’s decision to step aside, offers a markedly different vision for America’s energy future. As California’s Attorney General, Harris took on the fossil fuel industry directly, prosecuting oil companies for leaks from pipelines and storage tanks. She even sued the Obama administration for not taking stronger action on environmental issues. This record has earned Harris the support of various environmental organizations that had previously been hesitant to endorse Biden. Harris’s running mate, Minnesota Governor Tim Walz, has also garnered support from green groups, despite some controversy over his stance on the Line 3 oil pipeline.
In contrast, Trump and his running mate, Senator JD Vance of Ohio, have made no secret of their pro-oil stance. Both have promised to “drill, baby, drill” if they win the election, a slogan that resonates with wealthy figures in the fossil fuel industry who see the potential for significant financial gains. The Washington Post reported that Trump has personally reached out to nearly everyone in the sector, and the money has been pouring in.
Harris campaign spokesperson Joseph Costello condemned this financial backing, stating, “Oil barons are bankrolling the Trump campaign because Donald Trump promises to impose their policy ‘wish list’ that will make them even richer at the expense of the middle class and a healthy future for our children.” Costello further criticized Trump’s Project 2025 agenda, warning that it “will give handouts to billionaires, crush jobs, and send costs skyrocketing.” He contrasted this with the current administration’s achievements, highlighting how America is “more energy independent than ever under the Biden-Harris administration,” with Harris helping to create “hundreds of thousands of good paying energy and manufacturing jobs—a boom for working families that Trump would dismantle.”
Hamm’s role in Trump’s campaign is part of a broader trend of billionaires and ultra-wealthy individuals backing the former president. Other notable contributors to Trump’s campaign include casino mogul Miriam Adelson, bankers Andy Beal and Warren Stephens, GOP donors Scott Bessent and Stephen Schwarzman, and real estate investor Richard Kurtz. These individuals, along with others from the tech and finance sectors, are contributing millions to ensure Trump’s return to office, where they expect policies that will favor their financial interests.
The influence of these wealthy donors, often funneled through super PACs and dark money channels, raises serious concerns about the integrity of the democratic process. As these contributors push for deregulation and tax cuts that would benefit their industries, there is growing concern about the environmental and economic impact on ordinary Americans.
If Trump and his Big Oil allies succeed in their bid for power, the consequences for the environment could be severe. The rollback of climate regulations, increased drilling on public lands, and weakened protections for endangered species would likely accelerate the climate crisis and exacerbate environmental degradation. Moreover, the influence of corporate money in politics threatens to undermine public trust in democratic institutions, as policies are increasingly shaped by the interests of the wealthy few rather than the needs of the many.
Joseph Costello stated: “Oil barons are bankrolling the Trump campaign because Donald Trump promises to impose their policy ‘wish list’ that will make them even richer at the expense of the middle class and a healthy future for our children.”
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