The prominent organizations tasked with securing Republican victories in the U.S. Senate elections have been significant beneficiaries of contributions from the oil and gas sector.
This year, the National Republican Senatorial Committee (NRSC) and the Senate Leadership Fund PAC (SLF) have collectively garnered $6.83 million from oil company political action committees (PACs), executives, and trade associations. This influx of funds coincides with rising fuel prices attributed to the conflict in Iran.
Throughout this period, Senate Republicans seeking reelection have consistently voted in favor of continuing the war, contributing to the substantial profits that oil companies have been accumulating as a result of increased prices.
Kelly Mitchell, head of the oil and gas industry watchdog Fieldnotes, stated to the Guardian, “The reason why oil companies are doing so well right now, or at least are projected to do very well in the near term, is exactly because Americans are hurting.”
Since February, SLF has received contributions totaling $250,000 from Valero, $100,000 from Marquis Energy, and $2 million from Chevron. Additionally, the American Petroleum Institute, the largest trade group for domestic oil and gas companies, contributed $1 million.
Chevron is projected to earn $9.2 billion solely from war-related profits this year, while Valero’s stock has appreciated by 24% since the conflict began.
Billionaire Paul Singer contributed $1.5 million to SLF and $310,000 to the NRSC personally. His venture capital firm, Elliott Investment Management, acquired control of Citgo Petroleum earlier this year.
Former Sunoco CEO Sam Susser donated $75,000 to the NRSC, while oil magnate Philip Anschutz contributed $150,000.
The $6.83 million total also encompasses contributions from individuals and groups linked to the oil and gas sector. Notably, coal billionaire Joe Craft donated $100,000 to SLF, with coal values rising due to the war’s disruptive impact on international energy supplies.
Jason Bordoff, founding director of the Center on Global Energy Policy, explained to the New York Times, “If your goal is domestically produced energy and you’re South Africa or Indonesia or China, coal looks pretty good from an energy security standpoint.”
Energy Transfer LP, which transports natural gas globally, donated $500,000 to SLF this year. As reported by Semafor in March, the company is expected to continue benefiting from the war even after it concludes due to increased shipping costs and the time required for the energy supply chain to fully recover.
The American Exploration & Production Council, representing independent oil producers, contributed $100,000 to SLF. The group also received $750,000 from Koch Inc., the energy and oil refining conglomerate owned by far-right billionaire Charles Koch.
Republican Senators Dan Sullivan of Alaska, Ashley Moody of Florida, and Jon Husted of Ohio have each voted eight times to obstruct war powers resolutions that could potentially end the conflict. Maine Senator Susan Collins has voted against the resolutions on six occasions.
Republican Representatives Ashley Hinson of Iowa and Mike Collins of Georgia, both campaigning for U.S. Senate seats, have voted four times against the House counterpart of these resolutions.
Collins and North Carolina Republican Michael Whatley have faced criticism for significant investments in the oil and gas sector that enable them to personally benefit from the conflict. Former New Hampshire Senator John Sununu, who is attempting a political comeback this year, holds similar investments and has expressed support for the war.
On June 14, President Donald Trump announced the attainment of a ceasefire agreement with Iran. The specifics of the deal, anticipated to be finalized on June 19, have yet to be disclosed to the public.
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