In 2002, Sanchez ran an unsuccessful campaign as the Democratic nominee for Governor of Texas against Republican incumbent Rick Perry.
Sanchez is also known for his successful oil, natural gas, and banking operations, which are based in Laredo, Webb County, Texas.
Sanchez, a descendant of Tomás Sánchez, was born on February 3, 1943, in Laredo, Texas, and attended to Saint Mary's University in San Antonio, where he earned a B.A.
This initial well started the development of the largest pool of natural gas found in the United States in 30 years.
In March 2002, Sanchez, then a member of the University of Texas Board of Regents from 1997 to 2003, defeated former state Attorney General Dan Morales for the Democratic nomination for governor.
Questions arose over a multimillion-dollar settlement against Farmers Insurance Group regarding mold coverage and the role played by former state legislator Joe Nixon.
[5] After the March 7, 2006, primary, he announced his support for independent gubernatorial candidate Carole Keeton Strayhorn, who fared poorly in Webb County voting, in her general election campaign against Perry.