A series of recent developments have highlighted concerns over potential collusion and price-fixing by major oil companies. The Federal Trade Commission (FTC) uncovered communications between big oil CEO Scott Sheffield and OPEC officials agreeing to limit oil production to raise prices, costing consumers $200 billion annually, or about $3000 per family. Representative Frank Pallone has launched an investigation and is calling for a hearing by the Energy & Commerce Committee to address these allegations. Additionally, Senator Ed Markey and Senator Martin Heinrich have voiced concerns about corporate greed and the impact on American families. In 2022 alone, oil and gas giants made over $400 billion in profits. Democrats are urging the Justice Department to prosecute the alleged collusion and price-fixing within the oil industry.
Democrats urge Justice Department to prosecute alleged collusion and price-fixing by oil industry https://t.co/IQaQoOkVYJ
Schumer Urges Big Oil, Gas Probe on Price-Fixing Allegations #oott https://t.co/Cekw4e3KH4
CEOs of large, multinational corporations are raising their prices and claiming it’s out of their control. Here's the part they're not telling you: They're making record profits by price gouging working people. It's corporate greed, and it needs to end. https://t.co/d1JV5Yg8DX
While you’re getting fleeced at the pump, Big Oil is lining its pockets. In 2022 alone, oil and gas giants raked in over $400 billion in profits. The problem isn't inflation. It’s corporate greed. It’s time to hold them accountable.
More Big Oil consolidation means more chances to collude, price-fix, and shake down American families and our economy for profit. These companies want to give hand-outs to their shareholders while handing the bill to the rest of us. I urge the FTC not to rubber-stamp dirty deals. https://t.co/2ANmhu7Jw9
Last week I launched an investigation into allegations of Big Oil colluding to keep gas prices artificially high. Today I’m calling on @EnergyCommerce Chair @CathyMcMorris to hold a hearing. We have an obligation to ensure oil companies are obeying the law. https://t.co/aoI5i2OzFX
NEW: E&C Ranking Member @FrankPallone wrote to Chair @cathymcmorris today demanding a hearing on allegations that Big Oil is colluding to keep gas prices high. "This Committee must put its resources and weight behind a search for answers immediately."
Watch: @CNN explains the importance of my new investigation into oil companies potentially colluding to drive up gas prices. Americans can’t afford to pay for corporate greed. If gas prices are being manipulated, I’m determined to get to the bottom of it. https://t.co/g9kY41N9xo
NEW: The FTC uncovered a series of texts between big oil CEO Scott Sheffield and OPEC officials agreeing to limit oil production to raise prices. They raked in huge profits, while their scheme cost consumers $200 billion a year in higher prices. That’s about $3000 per family. https://t.co/hnQirhkcAB
Letters to the Editor: Oil companies profit while they destroy the planet. That must end (via @latimesopinion) https://t.co/JrgvitJKPy https://t.co/rDdz1KnMVw