A senior Democratic senator is calling for an investigation into potential insider trading by fossil-fuel billionaires close to the Trump administration, after a Guardian investigation raised questions about an unusual share buying spree.
Robert Pender and Michael Sabel, the founders and co-chairs of Venture Global, a liquefied natural gas (LNG) company headquartered in Virginia, bought more than a million shares worth almost $12m each, just days after meeting with senior Trump officials in March.
The meeting included Chris Wright, the energy secretary, who days later granted the company an export license essential for its expansion plans in Europe, the Guardian reported last week.
“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,” said Jeff Merkley, senator for Oregon and senior member of the Senate appropriations and budget committees.
“The timing of the stock trades certainly merits investigation for potential conflicts of interest and insider trading.”
The Guardian reported the unusual share-buying spree by the billionaire Republican donors, who took the company public three days after Trump’s inauguration in January.
In response to the findings, a spokesperson for Venture Global said the share acquisitions “fully complied with SEC rules and regulations” and the company “strictly adhered to all laws, rules and regulations relating to our interactions with government officials.”
Karoline Leavitt, the White House press secretary, said: “The president has never engaged, and will never engage, in conflicts of interest.”
Sabel was among about 20 people who attended an event in April 2024 at Trump’s private club, Mar-a-Lago, when he reportedly requested $1bn in campaign donations from the fossil fuel industry in return for favorable legislation. Venture Global was among the “top donors” to Trump’s inauguration, donating $1m, according to the Wall Street Journal.
Individuals connected to Venture Global spent $860,000 on lobbying on Capitol Hill in 2024, and another $810,000 so far this year, according to Open Secrets, a non-profit campaign financial watchdog. This is more than 12-fold the previous high of $70,000 in 2019.
On his first day back in the White House, Trump issued an executive order rolling back regulations to favor fossil fuel production, including LNG export licences, while revoking existing climate and clean energy policies. He withdrew the US from the global climate action treaty, the Paris agreement, and boycotted this year’s UN climate negotiations.
Still, 2025 is on track to be the third hottest in history, with catastrophic floods, fires and extreme temperatures killing Americans and causing billions of dollars in damages across the US.
“Altogether, the fossil industry and Trump team are producing expensive, dirty energy instead of cheaper, clean energy,” said Merkley. “The result is higher utility prices for American households, and accelerated climate chaos.”
Venture Global has been contacted for comment on the call for an investigation.
