U.S. delegates demand investigation into allegations of collusion between OPEC and oil corporations

2024-06-04 22:54:11

A gaggle of Democratic representatives known as on the U.S. Justice Division in a letter on Tuesday to research a attainable conspiracy to violate antitrust guidelines between U.S. oil producers and the Group of the Petroleum Exporting International locations (OPEC).

The group accuses the 2 largest U.S. oil corporations of colluding to maintain oil costs excessive.

In a letter to Lawyer Normal Merrick Garland, 9 Home Democrats cited a Federal Commerce Fee criticism filed in Might alleging that the previous Pioneer Assets CEO participated in a “shameful scheme… …to coordinate pricing between U.S. and overseas oil corporations.” Producer. “

The letter additionally talked regarding the massive earnings final 12 months by Exxon Mobil and Chevron, the 2 largest oil corporations in america.

“Main oil producers seem like colluding with one another and with overseas conglomerates to maintain oil costs excessive and enhance earnings on the expense of American customers,” the representatives stated.

“We urge you to make use of the total authority of the Division of Justice to research this anti-competitive conduct and, if crucial, deliver (perpetrators) to court docket,” they added within the letter.

Concerning ExxonMobil and Chevron, representatives stated, “However it’s clear that fairly than passing these earnings on to customers within the type of cheaper merchandise, the 2 oil giants are conspiring whereas padding their very own coffers.” Maintain fuel costs excessive.

ExxonMobil and Chevron haven’t responded to requests for remark, whereas OPEC has not but responded to a request for remark.

Final month, the U.S. Federal Commerce Fee permitted ExxonMobil’s $60 billion acquisition of pure assets firm Pioneer Assets, however barred former Pioneer CEO Scott Sheffield from becoming a member of Exxon. ExxonMobil’s board as a result of he was accused of attempting to collude with OPEC to boost oil costs.

Late final month, Senate Majority Chief Chuck Schumer and 22 of his Democratic colleagues despatched an analogous letter to Garland

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