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Republican candidates race for Texas oil money

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below

🗞️ Driving the news: Republican presidential contenders are actively courting influential US oil donors, capitalizing on a drift in support away from ex-president Donald Trump within the industry
• Florida governor Ron DeSantis, particularly, visited the energy center of Midland, West Texas, promoting his support for US oil and gas while opposing President Joe Biden's environmental plans

🔭 The context: Current Republican candidates are trying to gain support from oil backers, highlighting the industry's concerns about potential regulations if Trump loses in 2024
• Texas alone contributed more than $85 million to Trump's 2020 campaign, with the oil and gas sector giving $15 million

🌎 Why it matters for the planet: The strong connection between presidential hopefuls and the oil industry underscores the sector's enduring influence on US politics
• Their financial backing may shape the energy policies and environmental stances of future administrations

⏭️ What's next: DeSantis plans to reveal his energy strategy in Midland, focusing on countering Biden’s climate initiatives and endorsing further shale oil and gas production
• Dan Eberhart, the chief executive of Canary oilfield services group who donated more than $100,000 to Trump’s 2020 campaign, has thrown his fundraising prowess behind De Santis

💬 One quote: “[DeSantis was] far and away ahead of most when it comes to getting oil and gas major donors … I think there’s a reason why he’s going to Midland” (Ben Proler, oil and gas executive)

📈 One stat: Texas donors contributed more than 9% of Trump's total 2020 campaign funds, emphasizing the significant political influence the state and its energy sector wields

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