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Published 1 month ago

Democratic senators seek probe of allegations of collusion between OPEC and oil industry

  • Senate Majority Leader Chuck Schumer and 22 Democratic senators urge the Department of Justice to prevent and prosecute alleged collusion and price-fixing in the oil industry.
  • Recent FTC investigation revealed evidence of price-fixing by oil executives, resulting in higher energy costs for American families and businesses, as stated in a letter to Attorney General Merrick Garland.
  • Former CEO Scott Sheffield of Pioneer Natural Resources is accused of colluding with OPEC and OPEC+ to potentially increase crude oil prices, prompting a call for an industry-wide investigation into Sherman Antitrust Act violations.
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