Get all your news in one place.
100's of premium titles.
One app.
Start reading
Top News
Top News

FTC Alleges Oil CEO Colluded With OPEC To Inflate Prices

OPEC FTC Oil Behavior
People shop in a supermarket as rising inflation affects consumer prices in Los Angeles

The Federal Trade Commission has alleged that the founder and former CEO of a prominent American oil producer engaged in collusion with OPEC and its allies to artificially inflate oil prices. The FTC claims that the CEO, who retired in December 2023, exchanged numerous text messages and held discussions with OPEC officials regarding pricing, production, and market dynamics.

According to the complaint, the CEO used various communication channels, including WhatsApp, in-person meetings, and public statements, to coordinate oil production in the Permian Basin in Texas with that of OPEC and OPEC+. This alleged collusion aimed to benefit the oil companies involved while potentially harming US households and businesses.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Sofía Vergara Spotted Holding Hands With Dan Reynolds After Reported Minka Kelly Split
Sofía Vergara and Dan Reynolds have prompted romance speculation after being photographed holding hands at a Beverly Hills dinner, weeks after reports of Reynolds's split from Minka Kelly
International Business Times UK
International Business Times UK
Jack White pays moving tribute to brother Edward Gillis after death from cancer
Edward ‘Eddie’ Gillis was the manager of the vinyl pressing factory in Detroit for White’s Third Man Records
The Independent UK
The Independent UK
Newborn Baby With Moustache Goes Viral as 'Don Julio' Joke Amuses Viewers and AI Concerns Grow
A Boatos.org fact-check concluded that a viral video showing a newborn with a thick moustache was digitally altered, although the original footage and software remain unverified
International Business Times UK
International Business Times UK
Why Some Foods Taste Better When You Eat Them With a Plastic Fork
Have you ever noticed that a fast-food salad, a takeout pasta dish, or a slice of cake seems more satisfying when you eat it with a flimsy plastic fork? The food itself has not changed, yet the experience can feel different from eating the same meal with silverware at home.…
Grocery Coupon Guide
Grocery Coupon Guide
Table for 1? Nearly 40 percent of all restaurant visits are solo diners
More people are embracing the idea of taking themselves out on a date in recent years, with one New York City-based influencer telling her viewers: ‘It’s hard for me to want a boyfriend because I take myself on cute solo dates’
The Independent UK
The Independent UK
The Hidden Difference Between “Natural” and “Organic” on Food Labels
Walk down a grocery store aisle, and you will find packages promising everything from natural ingredients to certified organic products. Both labels can make food sound healthier, cleaner, or closer to the way nature intended, but they do not mean the same thing. One generally describes certain characteristics of a…
Grocery Coupon Guide
Grocery Coupon Guide
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play