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Alleged ‘deal’ offer from Trump to big oil could save industry $110bn, study finds

A “deal” allegedly offered by Donald Trump to big-oil executives as he sought $1bn in campaign donations could save the industry $110bn in tax breaks if he returns to the White House, an analysis suggests.

The fundraising dinner held last month at Mar-a-Lago with more than 20 executives, including from Chevron, Exxon and Occidental Petroleum, reportedly involved Trump asking for large campaign contributions and promising, if elected, to remove barriers to drilling, scrap a pause on gas exports, and reverse new rules aimed at cutting car pollution.

Congressional Democrats have launched an investigation into the “ethical, campaign finance and legal issues” raised by what one Democratic senator called an “offer of a blatant quid pro quo”, while a prominent watchdog group is exploring whether the meeting warrants legal action.

But the analysis shared with the Guardian shows that the biggest motivation for oil and gas companies to back Trump appears to be in the tax system, with about $110bn in tax breaks for the industry at stake should Joe Biden be re-elected in November’s election.

Biden wants to eliminate the tax breaks, which include long-standing incentives to help drill for oil and gas, with a recent White House budget proposal targeting $35bn in domestic subsidies and $75bn in overseas fossil fuel income.

“Big oil executivess are sweating in their seats at the thought of losing $110bn in special tax loopholes under Biden in 2025,” said Lukas Ross, a campaigner at Friends of the Earth Action, which conducted the analysis.

Ross said the tax breaks are worth nearly 11,000% more than the amount Trump allegedly asked the executives for in donations. “If Trump promises to protect polluter handouts during tax negotiations, then

Read more on theguardian.com