Benzinga - by Benzinga Neuro, Benzinga Staff Writer.
Former President Donald Trump has reportedly asked oil industry executives to contribute $1 billion to his campaign for the White House. This request, while controversial, is likely legal, according to industry experts.
What Happened: Trump made this request during a meeting with industry executives at his Palm Beach, Florida home last month, Politico reported, citing three people familiar with the conversation.
The executives present represented companies like Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), Continental Resources, EQT (NYSE:EQT), and Cheniere Energy (NYSE:LNG), as well as the American Petroleum Institute, as per the report.
Trump’s request is seen as a reflection of the issues with the current campaign finance laws, according to Erin Chlopak, senior campaign finance director at the watchdog group Campaign Legal Center.
Although the request is seen as “shocking,” it is unlikely to violate bribery laws as currently interpreted by the Supreme Court, as per Meredith McGehee, an independent expert on government ethics and campaign finance.
"The state of the law and the state of the enforcement agency is abysmal," McGehee said in an interview. "But this is a scandal, and the notion that our government works where candidates go to industry and promise government action in exchange for large amounts of money is an indictment of the system."
Why It Matters: Trump’s request for campaign funding from oil executives comes amid a flurry of political activity. His son-in-law, Jared Kushner, is reportedly actively promoting his potential re-election and has been reaching out to donors to support the former president’s 2024 campaign.
Trump has also been using legal troubles as a fundraising opportunity. After being fined $9,000 for violating a gag order in his criminal trial, Trump asked for financial help from supporters.
Trump’s request for campaign funding from oil executives also comes after he publicly endorsed cryptocurrency as a significant election issue, contrasting with President Joe Biden‘s perceived unfamiliarity with the crypto world.
Trump’s request for campaign funding from oil executives also comes after a meeting with Elon Musk in Florida, where the former President reportedly did most of the talking. When asked if Trump asked him for money, Musk said “I’m not paying his legal bills.”
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