Senate Majority Leader Chuck Schumer and 22 other Democratic senators have urged the Department of Justice to take action against alleged collusion and price-fixing in the oil industry. In a letter addressed to Attorney General Merrick Garland and other officials, the Democrats highlighted a recent Federal Trade Commission investigation that uncovered evidence of price-fixing by oil executives, resulting in higher energy costs for American families and businesses.
The FTC investigation revealed that Scott Sheffield, former CEO of Pioneer Natural Resources, colluded with OPEC and OPEC+ to potentially raise crude oil prices. Although the FTC cleared Exxon Mobil's $60 billion deal to acquire Pioneer, Sheffield was barred from joining the new company’s board of directors.
