Harold Hamm, the billionaire founder of Continental Resources, has emerged as a key figure in rallying oil industry support for Donald Trump's 2024 presidential campaign. Following Trump's request for a $1 billion contribution from the sector in April 2024, Hamm has been actively engaging with fellow oil executives to encourage their participation in fundraisers and financial backing.
Hamm's efforts appear to be yielding results. According to data from OpenSecrets, the oil and gas industry has contributed over $20.3 million to Trump's campaign, pro-Trump super PACs, and the Republican National Committee in the 2024 election cycle. Since March 2024, top individual donors from the industry, including Texas oil billionaires Jeffery Hildebrand and George Bishop, along with pipeline mogul Kelcy Warren, have given at least $9.9 million.
The oil tycoon's support for Trump comes with a clear agenda. Hamm has a list of policy changes he hopes to see implemented in a potential second Trump term, including:
- Opening more federal lands for drilling
- Easing restrictions under the Endangered Species Act
- Reducing regulations at the Environmental Protection Agency
These changes would likely benefit Hamm's company and other oil industry players. Hamm has also encouraged other executives to share their policy priorities with Trump.
Hamm's relationship with Trump has evolved over time. Despite initially supporting other Republican candidates in the primary, Hamm has since fully embraced Trump's campaign. Their connection dates back to 2012 when they first met at Trump Tower. During Trump's first term, Hamm enjoyed close ties with the administration and successfully lobbied for intervention in a 2020 oil price war between Saudi Arabia and Russia.
"Harold Hamm is back there — he's my original oil guy that taught me so much about oil. This guy knows more about oil and gas. ... That's all he knows. That's the problem. He's so boring to be with, you know, because all he wants to talk about is oil and gas. No, we love Harold. He's a piece of work. I'll tell you that."
Harold Hamm's influence extends beyond his relationship with Trump. As one of the wealthiest individuals globally, Hamm has built his fortune from humble beginnings. Born in 1945 as the youngest of 13 children to sharecropper parents, Hamm grew up in a house without electricity or running water. He started his career in the oil industry as a truck driver and tank cleaner, founding his first company at age 21.
Despite his immense wealth, Hamm is known for maintaining a relatively modest lifestyle. He prefers driving himself in used cars and carrying his own luggage at hotels. Hamm's approach to lobbying is also hands-on, often meeting with elected officials personally rather than relying solely on professional lobbyists.
As the 2024 election approaches, Hamm's efforts to secure oil industry support for Trump highlight the sector's significant stakes in the outcome. With potential policy changes that could impact their operations and profitability, many in the industry view the election as crucial for their future prospects.