As Iran War raised gas prices, oil interests sent $6.8M to Senate GOP

The two main groups responsible for electing Republicans to the U.S. Senate have taken large donations from the oil and gas industry.

The National Republican Senatorial Committee (NRSC) and the Senate Leadership Fund PAC (SLF) have received a combined $6.83 million this year from oil company PACs, executives, and trade groups, all while fuel prices rose as a result of the war in Iran.

During this same period, Senate Republicans facing reelection repeatedly voted to continue the war, helping sustain the huge profits oil companies were reaping from these higher costs.

“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,” Kelly Mitchell, who leads the oil and gas industry watchdog Fieldnotes, told the Guardian.

Since February, SLF has received $250,000 from Valero, $100,000 from Marquis Energy, and $2 million from Chevron. It also received $1 million from the American Petroleum Institute, the largest trade group representing domestic oil and gas companies.

Chevron is on track to make $9.2 billion from war profits alone this year. Valero’s stock value has jumped by 24% since the conflict began.

Billionaire Paul Singer personally gave $1.5 million to SLF and $310,000 to the NRSC. Singer’s venture capital firm, Elliott Investment Management, took over Citgo Petroleum earlier this year.

Former Sunoco CEO Sam Susser contributed $75,000 to the NRSC this year. Oil baron Philip Anschutz gave $150,000.

The $6.83 million figure also includes donations from individuals and groups adjacent to the oil and gas industry. Coal billionaire Joe Craft, for example, gave $100,000 to SLF. The value of coal increased as a result of the war’s destabilizing effect on global energy supplies.

“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,” Jason Bordoff, the founding director of the Center on Global Energy Policy, told the New York Times.

Energy Transfer LP, which ships natural gas throughout the world, gave $500,000 to SLF this year. Semafor reported in March that the company will likely continue to profit from the war even after it ceases because of heightened shipping costs and the time needed for the energy supply chain to fully recover.

The American Exploration & Production Council, which represents independent oil producers, gave $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 Sens. Dan Sullivan of Alaska, Ashley Moody of Florida, and Jon Husted of Ohio voted eight times to block war powers resolutions that could end the war. Maine Sen. Susan Collins voted to block the resolutions six times.

Republican Reps. Ashley Hinson of Iowa and Mike Collins of Georgia, both of whom are running for the U.S. Senate, voted four times to block the House counterpart of those resolutions.

Collins and North Carolina Republican Michael Whatley have come under scrutiny for substantial oil and gas investments that enable them to personally profit from the war. Former New Hampshire Sen. John Sununu, who is mounting a comeback bid this year, has similar investments and has expressed support for the war.

President Donald Trump announced on June 14 that a ceasefire had been reached with Iran. Details of the agreement, which is expected to be finalized on June 19, have not yet been made public.