Now a key Democratic senator—Sen. He believes two other fossil-fuel billionaires with connections to the Trump administration are guilty of insider trading. Senator Jeff Merkley has expressed deep alarm over the $1.4 billion stock buy by Robert Pender and Michael Sabel. These two men are the founders and co-chairs of Venture Global, a Virginia-based liquefied natural gas company.
Pender and Sabel bought over a million shares each, totaling nearly $12 million, just days after meeting with senior Trump officials in March. The incredible timing of these transactions has sparked even more outrage for the appearance of insider trading. New allegations have recently surfaced, alluding to the influence of fossil-fuel billionaires on government actions.
A Venture Global spokesperson said the company is “very busy” establishing baser in Europe. In order to carry this out, the company must receive an export license. This critical export license would be made possible by the deft hand of U.S. Energy Secretary Chris Wright. He apparently moved nimbly after Pender and Sabel’s meetings with senior officials—including Wright himself—went awry. The Guardian’s coverage of this granted license. Critics pointed out the fast timeline between the purchase of the stock and the government’s positive response.
Just weeks later in April 2024, Pender and Sabel would be attending an event at Trump’s private club, Mar-a-Lago. At the event, Trump allegedly asked for $1 billion in campaign contributions from the fossil fuel industries in exchange for good legislation. This request has set off fire alarms because of the ethical implications of political fundraising directly tied to regulatory benefits.
Senator Merkley did an excellent job addressing why the implications of these actions are harmful to American households and the environment at large. He stated, “Altogether, the fossil industry and Trump team are producing expensive, dirty energy instead of cheaper, clean energy.” He further emphasized that this pattern of pay-to-play donations results in “higher utility prices for American households, and accelerated climate chaos.”
That’s a big jump of money According to Merkley, Pender and Sabel have both spent much more this cycle on the shares themselves. This investment of $333,000 greatly exceeds their prior record of $70,000 in 2019. He remarked, “The timing of the stock trades certainly merits investigation for potential conflicts of interest and insider trading.”
The senator’s call for an investigation represents a growing, serious concern that big money is corrupting the political process. This is the duplicity that still dogs the current administration. He added, “Dirty oil and gas bucks are fueling the Trump Administration, which should outrage all of us. This latest reporting portrays a pattern of pay-to-play donations and favorable actions by the administration.”