Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Oil industry workers split between Trump and Clinton

Published 10/24/2016, 11:52 AM
Updated 10/24/2016, 11:52 AM
© Reuters. CEO of Continental Resources Hamm enters the courthouse for divorce proceedings in Oklahoma City

By Grant Smith

NEW YORK (Reuters) - U.S. oil and gas industry workers have contributed only slightly more money to the campaign of Democrat Hillary Clinton than to Republican Donald Trump since the two clinched their parties' nominations for the White House, according to Reuters' review of federal disclosures.

The nearly even support suggests ambivalence in the industry between two rivals who have put forward wildly different energy visions. Trump calls for a drastic reduction in regulations to bolster drilling, while Clinton advocates tougher environmental protections and more renewables.

Employees in the industry gave Clinton $114,141 and Trump $99,302 since July 1, Reuters found in reviewing individual campaign contributions exceeding $200 and donations funneled through their joint fundraising committees. Both were officially nominated by their parties in mid-July.

Several oil and gas industry employees reached by Reuters said they did not donate just because of the candidates' energy policies. Most requested anonymity, citing the sensitivity of the election.

"I am moved by the disturbing nature of what I see in Trump's vision for America on trade, the economy and national security," said American Gas Association head Dave McCurdy, who has contributed to Clinton's campaign.

He added, however, that he agreed with Clinton on reducing carbon dioxide emissions blamed for climate change and felt natural gas would play a role in that effort.

The association has not endorsed a candidate.

Continental Resources Inc Chief Executive Officer Harold Hamm, who has contributed repeatedly to Trump's campaign, has argued in favor of the candidate's energy policies. Hamm has said bolstering U.S. drilling would reduce dependence on Middle East oil, whose proceeds he says finance terrorist attacks.

A Continental official did not respond to a request for comment from Hamm.

An energy lobbyist based in Washington said he understood the industry's ambivalence. "Clinton is pro-regulation, which hurts," he said, requesting anonymity. "And Trump has no record in the industry, so there's no evidence he understands the issues."

Clinton had far exceeded Trump in campaign contributions from industry employees during the primaries, but donations to the Republican side of the ledger were split among a much larger number of candidates than on the Democratic side.

© Reuters. CEO of Continental Resources Hamm enters the courthouse for divorce proceedings in Oklahoma City

During the Republican primaries, the industry had taken an early liking to former Florida Governor Jeb Bush, giving him more than all his rivals combined, before he dropped out of the race in February.

(Additional reporting and writing by Richard Valdmanis; Editing by Lisa Von Ahn)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.