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Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

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PoliticsU.S. Presidential Election

Harris campaign raises less money at last week’s Democratic convention than Trump did at RNC

Christiaan Hetzner
By
Christiaan Hetzner
Christiaan Hetzner
Senior Reporter
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Christiaan Hetzner
By
Christiaan Hetzner
Christiaan Hetzner
Senior Reporter
Down Arrow Button Icon
August 26, 2024, 12:08 PM ET
Democratic presidential candidate U.S. Vice President Kamala Harris speaks on stage during the final day of the Democratic National Convention
Kamala Harris and the DNC took in $82 million, less than the Republican National Committee did during its convention.Justin Sullivan—Getty Images

Now that the speeches are over and the balloons swept away, two major questions remain for the Democrats in the aftermath of last week’s convention. 

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The first regards the poll bump Kamala Harris can expect coming out of Chicago, which may likely take time before data provides a definitive figure. 

The second is the amount of money she and running mate Tim Walz were able to haul in—and here at least there’s an answer that might prove surprising.

Harris campaign manager Jen O’Malley Dillon revealed on Sunday that $82 million was raised during the nearly weeklong affair. Adjusted for inflation, that’s less than the $70 million Biden managed four years ago during a convention held in the middle of the COVID pandemic.

This also puts it just shy of the $85 million the Republicans took in last month during their rival convention in Milwaukee. The latter did, however, take place under unusual circumstances, coming immediately on the heels of the assassination attempt on nominee Donald Trump. 

In total, the Harris campaign said it has raised $540 million since she declared in July 21, one-third of which it claims comes from first-time donors. This would suggest Harris is reaching voters Biden couldn’t.

“This is the most ever for any presidential campaign in this time span,” O’Malley Dillon said, according to a Reuters report.

The figures cannot be verified independently as yet, but both campaigns have to file monthly updates on their fundraising with the Federal Election Commission. That means there’s little incentive to play fast and loose with these estimates.

Campaigns flood Pennsylvania with ads

While nationwide polls suggest Harris is enjoying a minor advantage to Trump, it is well within the margin of error, and both have multiple paths by which they can win the necessary 270 electoral college votes. 

Most experts believe the eventual victor will be whoever locks up Pennsylvania’s 19 electoral votes by winning in deep-purple communities such as Erie County. 

According to data from AdImpact, cited by CNN last week, spending in the Keystone State by both campaigns since Harris joined the race last month dwarfs that of any other battleground, coming in at roughly twice the amount spent in Michigan and Georgia.

The economy is once again expected to play a major role come Election Day, with many Americans feeling poorer despite a U.S. economy that has outperformed all its peers, sparking the term “vibecession.”

While Trump is focusing on familiar issues like extending his 2017 tax cut and imposing a punitive tariff of 60% on goods imported from China, Harris is countering with a plan to tax unrealized capital gains for the ultrawealthy and clamp down on corporate price gouging and “greedflation.”

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
Christiaan Hetzner
By Christiaan HetznerSenior Reporter
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Christiaan Hetzner is a former writer for Fortune, where he covered Europe’s changing business landscape.

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