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Republican presidential candidate and former president Donald Trump shakes hands with North Dakota Gov. Doug Burgum and Vivek Ramaswamy, left, at a campaign rally at the The Margate Resort in Laconia, NH on Monday, January 22, 2024.

Jabin Botsford | The Washington Post | Getty Images

If former President Donald Trump taps North Dakota Gov. Doug Burgum to be his running mate, the biggest beneficiary of the partnership could be someone else entirely: Harold Hamm, the billionaire founder of shale oil drilling giant Continental Resources, could end up with two powerful allies in a Trump White House.

Burgum’s ties to Hamm and the shale oil drilling giant he founded are complex. Continental is the largest oil and gas leaseholder in North Dakota, where oil and gas is biggest industry by revenue.

The two men also have a friendship outside of business: Burgum recently contributed a rave review blurb to Hamm’s new memoir. And during his 2023 state of the state address, Burgum compared Hamm favorably to President Theodore Roosevelt, describing Hamm as a person “whose grit, resilience, hard work and determination has changed North Dakota and our nation.”

But Burgum has an even more personal link to Continental: Burgum’s family leases their 200 acre farm land in Williams County to the energy giant for pumping oil and gas, according to previously unreported business records and a federal financial disclosure report.

Burgum made up to $50,000 in royalties while he was governor since late 2022 from the deal with Continental Resources, according to his financial disclosure, details of which have not been reported.

Experts told CNBC that Burgum and his family business likely made thousands more from the agreement with Continental Resources since signing a contract with the company in 2009.

This link between Burgum and Continental highlights one of the potential risks for Trump of selecting a running mate who has lived most of his adult life in private.

Burgum has never been subjected to the kind of scrutiny that someone like Sen. Marco Rubio, Fla., has undergone, and from which Rubio has emerged politically intact.

Burgum endorsed Trump in January, a month after he dropped out of the Republican primary for president. Since then, he has become an adviser to Trump on energy policy and joined a shortlist of contenders to be the former president’s running mate.

Hamm, meanwhile, is one of Trump’s biggest supporters in the industry. Burgum, Hamm and other industry advocates were reportedly at a meeting at Trump’s private club in Florida Mar-a-Lago, where the former president called on oil and gas executives to donate $1 billion to his campaign in exchange for his plan to roll back environmental regulations.

Hamm is co-hosting an event for Trump that’s sponsored by the former president’s political action committee, Make American Great Again Inc., on May 22, according to an invitation.

Continental Resources donated $1 million to the super PAC in April, according to Federal Election Commission records. Hamm gave $614,000 to the Trump 47 Committee in March.

Burgum’s oil deal with Continental

The original agreement between the Burgum Farm Partnership and Continental Resources was signed by Bradley Burgum, the governor’s late brother, according to a land lease reviewed by CNBC.

Burgum’s spokesman Mike Nowatzki told CNBC the contract was drawn up years before the governor was sworn into office in 2017.

“North Dakota is a leading energy producer, including the No. 3 oil producing state. Tens of thousands of families and mineral owners have similar arrangements,” Nowatzki said. “As the publicly available disclosures show: The cited agreement began many years before he became governor.”

Nowatzki did not answer specific questions about the deal, Burgum’s role with the family business or his relationship with Hamm.

A spokeswoman for both Continental Resources and Hamm, its executive chairman, did not respond to a request for comment. A spokesman for the Trump campaign did not return a request for comment.

CNBC obtained Burgum’s personal financial disclosure by a request to the Federal Election Commission. His business records were acquired through the North Dakota secretary of state’s office.

Data from North Dakota’s Minerals Department shows that the locations of the oil and gas wells matches the coordinates of Burgum’s family farm on his business records. The state’s data does not identify Burgum’s address, but the section where the farm and seven of Continental Resources wells are located within a small township named Brooklyn.

All seven wells have been active since 2011, just two years after Burgum’s family signed an agreement with Continental Resources. The wells have produced over 5,000 barrels of oil and thousands of cubic feet in natural gas in March alone, according to the latest data from Drilling Edge. It’s unclear how many of the seven wells are located directly on the Burgum property.

Burgum was elected governor in 2016 and reelected to a second term in 2020. He’s not running for reelection in 2024.

The Burgum Farm Partnership LLP, which oversees the family farm land in Williams County and Cass County, is worth between $500,001 and $1 million, according to the financial disclosure.

Doug Burgum is a managing partner of the Burgum Farm Partnership, and he signed the businesses’ latest annual report in March. Burgum’s financial disclosure says the governor is a non managing member and the company is a “family investment” limited liability partnership.

The company’s annual report that was filed to the secretary of state’s office in April lists Burgum, his late brothers’ children, his sister Barbara and his own three adult children as managing partners of the family business.

The oil and gas land deal says Continental Resources provides the Burgum Farm Partnership 19% of the proceeds from the sales of oil and gas Continental sold after it was pumped from the Burgum property, according to the contract and experts who reviewed the records.

“The Burgum Farm Partnership will receive 19% of the proceeds of the sales,” said Edward Hirs, an energy fellow at the University of Houston, in an email after reviewing the contract.  “The greater benefit is that the Burgum Farm Partnership does not have to invest any money to drill the wells, collect the hydrocarbons (no pipes, no tanks, no roads).”

The royalty payments arrive in monthly and quarterly installments, according to the agreement.

The sun sets behind a pumpjack during a gusty night on March 24, 2024 in Fort Stockton, Texas.

Brandon Bell | Getty Images

Experts note that land holders leasing their property to oil and gas companies can make thousands of dollars more beyond the royalties in bonuses and other payments.

“The company will usually pay the land owner a ‘bonus’ for signing the lease (usually hundreds or thousands of dollars per acre, depending on how hot the market might be),” said Jack Balagia, an adjunct professor at the University of Texas and former general counsel for Exxon Mobil. 

Ryan Kellog, a professor at the University of Chicago who reviewed the contract, said the document does not disclose details of a bonus to the Burgum farm company, except to just give a low range of how much was paid.

“The up-front bonus payment is not disclosed,” Kellog said. “It’s just listed as ‘$10 and more’ where the ‘more’ is potentially significant. Bonuses are almost never disclosed in leases,” Kellog said.

The Burgum contract also says that the family business made money from Continental Resources through one initial down payment called “paid-up” on the lease, with no details provided on how much Burgum and his family saw from that part of the agreement.

“By paid-up, a lease where all cash for the term of the lease is paid upfront, and by a rental form, we mean one with a down payment and rental payments once a year after that,” said Ted Borrego, an adjunct professor at the University of Houston Law Center.

Burgum drilling contract raises questions

North Dakota Governor Doug Burgum encourages voters to support Republican presidential candidate and former President Donald Trump during a campaign rally in the basement ballroom of The Margate Resort on January 22, 2024 in Laconia, New Hampshire. 

Chip Somodevilla | Getty Images

Neither of Burgum’s two financial disclosures from his successful runs for governor reveal a land deal with Continental Resources. North Dakota only requires candidates for state office to disclose the names of businesses that do not act as their principal source of income. No other details are required to be disclosed.

Since Burgum first ran for governor in 2016, he’s disclosed to the North Dakota secretary of state’s office that he and his wife Kathryn have a financial interest in over a dozen companies, including Burgum Farm Partnership.

But those three page state records do not specify how much of a financial interest they have in these companies, nor any money they make from those businesses. 

A candidate for president or Congress is required to disclose many more details, including a range of income from each of their assets during the previous 12 months.

Burgum’s federal disclosure report spans 26 pages and reveals scores of closely held LLCs, partnerships and assets. With a net worth easily in the hundreds of millions, the Continental lease forms only a small part of Burgum’s income streams.

Burgum and Trump aligned on energy

Ultimately, it may not matter to Trump whether Burgum has been fully vetted, if the governor is the person he wants on his ticket.

For Trump, Burgum represents a key ally in the oil and gas business, as the former president looks to raise money from the industry’s executives.

Dan Eberhart, who runs oil and gas drilling company Canary, said a Trump/Burgum ticket could help to accomplish this.

“Choosing Burgum would bring more industry donors to Trump’s orbit,” Eberhart said in a recent interview.

“Nominating Burgum as VP would send a strong signal to the industry that we would have an important voice in a potential Trump administration,” he added.

U.S. President Donald Trump greets Harold Hamm after he was introduced by Hamm at the Shale Insight 2019 Conference in Pittsburgh, Pennsylvania, U.S., October 23, 2019.

Leah Millis | Reuters

Government ethics watchdogs have also started to take notice of the relationship between Trump, Hamm, Burgum and others linked to the oil and gas industry.

“The fact that Mr. Burgum has an income producing, oil and gas lease arrangement with Continental Resources itself raises its own concerns, since Continental Resources’ executive chairman, Harold Hamm, recently participated with other oil and gas executives and Mr. Burgum in the Mar-a-Lago meeting Mr. Trump held last month seeking $1 billion in fundraising from those in attendance,” said Canter.

“Under these circumstances, Mr. Burgum seems to be uniquely positioned to benefit himself both financially and politically depending on what he is able to bring to the table that would serve the respective interests of Trump and Hamm,” she said.

Hamm’s company has had extensive business in North Dakota for over a decade and the state is ranked in the top three states to produce oil.

In 2022, Hamm announced Continental Resources was investing $250 million into a pipeline that spanned 2,000 miles to capture carbon dioxide and pump it underground for storage in North Dakota. Last year, Hamm donated $50 million to a North Dakota based library.

Hamm’s alliance with Burgum preceded a donation Continental Resources made to a PAC that backed the North Dakota governor when he ran for president. The company gave $250,000 to the pro-Burgum Best of America PAC in July, according to FEC filings.

Burgum’s gubernatorial campaign has regularly been backed by other executives in the oil and gas industry, according to data from the nonpartisan OpenSecrets.

Burgum’s successful campaign for governor in 2020 received over $35,000 from those in the oil and gas industry. That amount is second only to the over $1 million Burgum put into his campaign.

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The US state that just accidentally banned kids from riding electric bikes off-road

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The US state that just accidentally banned kids from riding electric bikes off-road

In what appears to be a first of its kind, a new law was just enacted in Arizona that seems to have swept up some electric bicycles in an effort to outlaw kids operating off-road vehicles.

Arizona Governor Katie Hobbs has just signed into law Arizona Senate Bill 1567, which focuses on two key issues regarding off-highway vehicles (OHVs). The new law makes it a criminal offense for anyone to operate an OHV while consuming or possessing an open container of alcohol, and it also aims to prevent children from operating them by requiring a valid driver’s license and driver training. The former seems like a good idea, but it’s the latter that could pose a problem for kids riding recreational e-bikes.

The issue is the way Arizona defines OHVs. As stated in the new law, “An OHV is a motorized vehicle that is operated primarily off of highways and that is designed, modified or purpose-built primarily for recreational nonhighway all-terrain travel. An OHV includes a tracked or wheeled vehicle, utility vehicle, all-terrain vehicle, motorcycle, four-wheel drive vehicle, dune buggy, sand rail, amphibious vehicle, ground effects or air cushion vehicle and any other means of land transportation deriving motive power from a source other than muscle or wind.”

The legal definition of a “highway” is just a public road or street, not the colloquial highway we think of as high-speed roads. And while many e-bikes are designed for use on public roads, there are plenty of others, such as electric mountain bikes and trail bikes like Sur Ron-style light electric dirt bikes, that are obviously designed for non-road use. In Arizona’s broadly defined OHV category, technically these electric mountain bikes and other similar e-bikes could be swept up in the category of “transportation deriving motive power from a source other than muscle or wind,” i.e., a 250W to 750W e-bike motor.

In the US, electric bicycles are not regulated as motor vehicles at the federal level, but instead as consumer products just like all bicycles. However, Arizona’s state laws go further, painting with a broad enough brush to include some electric bicycles in the category of OHVs. While e-bikes designed for road use such as commuter, cargo, utility, and other road-going styles are likely safe as they are not considered “designed, modified, or purpose-built primarily for recreational nonhighway all-terrain travel”, there are several types of e-bikes, light electric trail bikes, electric mini-bikes and others that are certainly designed primarily for off-road all-terrain travel.

specialized levo sl kids
A young girl rides a Specialized Levo SL Kids model electric mountain bike

The new law, which was largely intended to prevent children from operating ATVs, side-by-side UTVs, and other similar off-road vehicles, lays out the penalties for underage violators operating an OHV in the state without a valid driver’s license.

For violators under 12 years old, the citation will be issued to the child’s parent or guardian. For violators between 12 and 15 years old, the citation can be issued to either the child or their parent/guardian.

Not only is electric mountain bike becoming a popular sport among teenagers, but there are even models such as the Specialized Levo SL Kids that are specifically designed for younger riders with smaller frames and reduced power.

Furthermore, even adult electric mountain bike riders could be impacted by this law if they don’t possess a valid driver’s license and haven’t completed Arizona’s upcoming OHV safety course.

Electrek’s Take

I’m not a lawyer here, but it seems like the law should have been crafted with a bit finer legalese to prevent this kind of bycatch from such a wide net. Unless Arizona’s goal was really to require a driver’s license to ride an electric mountain bike through a park, then someone screwed the pooch here. Sure, there have been sporadic e-bike bans before, but I don’t think the bill’s authors intended for this to apply to electric bicycles.

I’ve already heard from Arizona parents of kids who ride and who are working to get the law overturned or updated. With any luck, the state issues a clarification on the law to exclude off-road e-bikes or minibikes, many of which are popular with children as a common outdoor activity in the state. Without it, riding electric mountain bikes before getting a driver’s license is effectively illegal in the state of Arizona, at least unless you keep your fancy new eMTB on the pavement and tell the cop that it’s just a commuter with really good suspension.

specialized levo sl kids

via: ABC 12News

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EVs shatter records at Pike’s Peak: Ioniq 5N, Rivian and Ford SuperTruck impress

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EVs shatter records at Pike's Peak: Ioniq 5N, Rivian and Ford SuperTruck impress

The Pike’s Peak International Hill Climb is in progress, and several EVs which set out to post new records have done so today, with the Rivian R1T and Ioniq 5N both claiming records, and the Ford SuperTruck being the fastest vehicle up the hill on the day.

The Pike’s Peak International Hill Climb is one of the longest-running races in the world, being held 102 times since 1916.

It’s a famously difficult race, starting at an already-high 9,390ft (2,862m) in elevation and finishing at 14,110ft (4,300m), with an average 7.2% vertical grade. Until 2011, the track was largely unpaved on dirt or gravel roads, and it is not uncommon for cars to leave the track and crash into the woods or, worse, end up tumbling down the mountain. The race is also commonly stopped by rain, snow, fog, or other inclement weather of the type you commonly get at the top of mountains.

In particular, the high altitude nature of the race (which earned it the nickname “Race to the Clouds”) has always been difficult, because at high altitudes there is less oxygen, which means less complete combustion of fuel. This means that gas-powered race vehicles need to have incredibly oversized engines to do well.

That difficulty does not apply to electric vehicles since EVs don’t need oxygen for combustion, so for years EVs have overperformed in the race. Currently the all-time record for the 12.42-mile (20km) hillclimb is 7:57.148, set by the Volkswagen ID.R in 2018. And this year, an EV (Acura ZDX) served as the pace car for the first time.

There were 3 notable electric entries this year: the new higher-powered Rivian R1T Ascend Quad Max in unmodified form, the Hyundai Ioniq 5N in both stock and modified specs, and the bonkers heavily-modified Ford F-150 Lightning SuperTruck. (All vehicles do have seats stripped from the interior and roll cages/fire extinguishers added for safety purposes, but this doesn’t change total vehicle performance much due to the weight of the roll cage).

Last year, Rivian set the record for production trucks, gas or electric, with a 11:23.983, also putting it ahead of past runs by the likes of Faraday Future and a Tesla P90D. But it wasn’t an electric production record, as that was held by a Model 3 Performance with an 11:02.802.

However, with the R1T’s 190hp power boost over last year’s model, Rivian was hoping to gain some time – and boy, did it.

Driver Gardner Nichols managed to set a time of 10:53.883, shattering last year’s time by half a minute, setting a new record for any production truck, gas or electric, and even beating the 2018 Model 3 Performance by about ten seconds (though the new Model 3 Performance hasn’t run up the hill yet).

In fact, the R1T’s time would have been an overall record for unmodified electric vehicles – and even was that record, for a few minutes – until the next car up the mountain, the Ioniq 5N, came in 4 seconds faster.

Hyundai ran the 5N in two classes, aiming for both modified and unmodified records (one of its four vehicles had a crash in practice). Immediately after the R1T finished, Ron Zaras set a 10:49.267 in an unmodified Ioniq 5N, setting the record for electric production vehicles.

Unfortunately the 5N just barely missed the record for production SUV – currently held by the 2018 Bentley Bentayga at 10:48.902, only 3 tenths ahead over the course of this 12.42-mile track. If only Zaras hadn’t had that second donut this morning…

And in the modified category, the Ioniq 5N TA (“Time Attack”) spec, which carries over the stock powertrain but has some software tweaks for more power and big wings on the front and back, was piloted by Dani Sordo to set a 9:30.852, which is now the fastest electric modified SUV up the mountain.

While the R1T was the fastest unmodified truck up the hill today, it wasn’t the fastest truck overall. That honor goes to the 1,400hp Ford F-150 Lightning “SuperTruck,” continuing the long tradition of silly Pike’s Peak vehicles with gigantic wings.

The SuperTruck set the fastest time of the day, with an 8:53.553, the only vehicle to go sub-9 and more than ten seconds faster than the next-best finisher. And that was after the vehicle had an unexpected shutdown in the first sector, coming to a complete stop and needing to be repowered, losing almost half a minute in the process.

As a result, it didn’t set a record, as last year’s Ford SuperVan, a similarly-modified Ford Transit Electric, set a time of 8:47.682. That vehicle still holds the “Pike’s Peak Open” class record, and both were piloted by Romain Dumas (who also holds the overall record in the VW I.D. R).

While we’re somewhat jumping the gun on this article since the race is still in progress (you can watch here), it’s unlikely that any other cars will beat any of these times set. The SuperTruck had the fastest qualifying time by a longshot, and there are no remaining electric or production truck-class vehicles still yet to run which have a chance of beating the 5N and R1T’s times.

So, another successful year for EVs at the mountain.

Electrek’s Take

Both of these records set this year are extremely impressive. I asked Rivian if they thought they could get sub-11 minutes, but all they committed to was trying to beat their record from last year.

But the fact that a 7,000+ pound truck managed to beat even the 2018 Model 3 Performance is quite exceptional. That’s a lot of weight to push up a mountain and around all those curves. I’m sure that the new Model 3 would be quicker, and there have been faster Teslas up the hill in modified form, but these vehicles aren’t even close to being in the same class – so the R1T has achieved a pretty incredible feat here.

It’s a shame that the Ioniq 5N couldn’t have been just a tiny bit quicker to beat the Bentayga – but it also costs less than 1/3 as much as the Bentayga. The fact that you can go right out and buy an Ioniq 5N, for a pretty reasonable price, and have an SUV that beats every other electric vehicle ever to go up the mountain and almost every other SUV/crossover, with a sub-11 minute time on this famously difficult race, is extremely impressive.

Hyundai has only just started pushing the electric performance envelope, but we’re pretty excited to see where this goes.

(And speaking of Rivian, and of electric crossovers in a rally competition, can you just imagine what the Rivian R3X is going to look like up this hill in a few years?! Stay tuned!)

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Elon Musk haters vandalized dozens of Tesla Cybertrucks

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Elon Musk haters vandalized dozens of Tesla Cybertrucks

Elon Musk haters have vandalized dozens of Tesla Cybertrucks being held ahead of delivery at a parking lot in Florida.

As we previously reported, Tesla has briefly halted Cybertruck deliveries due to a problem with its windshield wiper motor.

This has resulted in Tesla accumulating Cybertruck held before delivery at many locations around the US.

Over the last few days, I have been sent half a dozen videos of people dumbfounded about finding parking lots filed with Cybertrucks.

When I received this one from the OnlyinDade account, I thought this was just another one of these videos, but there was more to it:

People who seemingly dislike Elon Musk have decided to vandalize dozens of Cybertrucks sitting in a newly leased parking lot in Fort Lauderdale.

It’s unclear if the ‘f*ck Elon’ graffiti is easily removable or if there’s actual damage to the vehicles.

Electrek’s Take

Without justifying this really dumb act, because there’s no justifying it, this is an example of “Elon is Tesla, and Tesla is Elon.”

Technically, all these vehicles are Tesla’s property – though they are already meant for customers, they just haven’t changed hands yet. It makes no sense to vandalize Tesla’s property because you dislike Elon, but a lot of people see Tesla, a publicly held company, as Elon and Elon as Tesla.

That’s partly Elon’s own doing.

Again, I’m not trying to justify this. It’s obviously the wrong thing to do and ultimately, it will just radicalize his fans even more.

But it does show that Elon is becoming an increasingly polarizing individual and it is problematic to have such a divisive person as the head of such an important company as Tesla.

How about we just don’t vandalize private property. That’s a good standpoint to build on.

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