What Trump promised oil CEOs as he asked them to steer $1 billion to his campaign

illuminem summarizes for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:

🗞️ Driving the news: Donald Trump, in a bold move to finance his reelection, has reportedly promised top U.S. oil executives that he would dismantle key Biden-era environmental policies concerning electric vehicles and wind energy, should they contribute $1 billion towards his campaign efforts

🔭 The context: During a private dinner at Mar-a-Lago, Trump articulated a direct trade-off to the executives, offering substantial regulatory rollbacks in exchange for campaign funding
• His plans include ending Biden's freeze on new liquefied natural gas exports and lifting restrictions on drilling in sensitive areas like the Alaskan Arctic

🌍 Why it matters for the planet: Trump's proposals represent a significant pivot from current U.S. environmental policies aimed at combating climate change
• The potential repeal and alteration of these policies could drastically increase fossil fuel production and consumption, undermining efforts to reduce greenhouse gas emissions

⏭️ What's next: Should Trump succeed in his presidential bid, the U.S. could see a major regression in environmental regulations, with increased oil and gas drilling and reduced restrictions on emissions, directly contrasting with global trends towards greener energy policies

💬 One quote: "You’ve been waiting on a permit for five years; you’ll get it on Day 1," Trump assured oil executives, highlighting the immediacy and extent of his proposed regulatory overhauls

📈 One stat: The U.S. produced nearly 13 million barrels of oil per day on average last year, setting a new record for oil production

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