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Wed May 22, 2024, 07:54 AM May 22

House Democrats investigate whether Big Oil colluded with OPEC to inflate gas prices [View all]

Congressional Democrats are investigating whether leading US oil companies have illegally colluded with one another and with OPEC to inflate prices at the pump, CNN has learned.

Rep. Frank Pallone Jr., the ranking member of the House Committee on Energy and Commerce, sent a letter Tuesday night to ExxonMobil, Chevron, Hess, BP America and three other fossil fuel companies demanding a trove of documents and communications.

“If US oil companies are colluding with each other and foreign cartels to manipulate global oil markets and harm American consumers who then pay more at the pump, Congress and the American people deserve to know,” Pallone, a New Jersey Democrat, wrote in a letter to oil CEOs. The companies have until June 5 to respond to the committee.

The investigation comes after a stunning accusation from federal regulators against Scott Sheffield, the longtime CEO of a leading Texas producer. The Federal Trade Commission earlier this month accused Sheffield, the founder of Pioneer Natural Resources, of conspiring with OPEC and its allies to boost prices.

More at https://www.weny.com/story/50816818/house-democrats-investigate-whether-big-oil-colluded-with-opec-to-inflate-gas-prices

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