Publication date: May 30, 2024
Senate Democrats Call for Justice Department Probe into Big Oil Collusion

Senate Democrats Call for Justice Department Probe into Big Oil Collusion

Senate Democrats, led by Chuck Schumer, request a comprehensive DOJ investigation on alleged Big Oil collusion and price-fixing to tackle rising fuel costs.

Oil Industry

Senate Majority Leader Chuck Schumer and nearly two dozen Democrats have urged the Justice Department to conduct a thorough industry-wide probe into Big Oil for suspected collusion and price fixing. The Senate's concerns stem from recent allegations of attempts by a Texas oil tycoon to conspire with OPEC to inflate oil and gasoline prices. The lawmakers emphasize the necessity of investigating, holding accountable any responsible entities, and putting an end to illicit activities that negatively impact American households and businesses. This call for action intensifies the pressure on Big Oil following the scandalous accusations against a prominent Texas oil producer. The FTC's accusations have triggered a congressional inquiry into potential collusion among US oil companies and OPEC, raising significant concerns about price manipulation and market distortion. The implications of such collusion could result in reduced US oil production, escalating gas prices, and substantial financial burdens on consumers. The gravity of these allegations underscores the critical role of the DOJ in prosecuting anticompetitive behavior in the oil sector, as emphasized by Schumer and his colleagues.