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Dem Leader Schumer Takes Aim At Collusion And Price Fixing In Oil Industry

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Senate Majority Leader Chuck Schumer (D-NY), and 22 Senate Democrats, have sent a letterto Attorney General Merrick Garland and antitrust division chief Jonathan Kanter urging the DOJ to investigate and prosecute collusion and price fixing in the oil industry. The letter, which namechecks ExxonMobil’s proposed $60 billion acquisition of Pioneer Natural Resources, hits a regular Democrat argument on inflation – that prices spikes have been exacerbated by price gouging in critical sectors.

  • AP notes: "The [Federal Trade Commission] said earlier this month that Scott Sheffield, the former CEO [and current board member] of [Pioneer], colluded with OPEC and OPEC+ to potentially raise crude oil prices."
  • Schumer's letter reads: “...industry collusion may have contributed to the 49% decrease in the U.S. oil production growth rate, the increase of $23.41 in the average crude oil price per barrel, and the $0.94 increase in the average price of retail gasoline."
  • Schumer continues: "That means Pioneer’s and its co-conspirators’ collusion may have cost the average American household up to $500 per car in increased annual fuel costs...”
  • Schumer adds: "...[the] alleged collusion with OPEC may have served to enrich countries like Iran and Russia that are actively seeking to undermine the United States and our allies."
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Senate Majority Leader Chuck Schumer (D-NY), and 22 Senate Democrats, have sent a letterto Attorney General Merrick Garland and antitrust division chief Jonathan Kanter urging the DOJ to investigate and prosecute collusion and price fixing in the oil industry. The letter, which namechecks ExxonMobil’s proposed $60 billion acquisition of Pioneer Natural Resources, hits a regular Democrat argument on inflation – that prices spikes have been exacerbated by price gouging in critical sectors.

  • AP notes: "The [Federal Trade Commission] said earlier this month that Scott Sheffield, the former CEO [and current board member] of [Pioneer], colluded with OPEC and OPEC+ to potentially raise crude oil prices."
  • Schumer's letter reads: “...industry collusion may have contributed to the 49% decrease in the U.S. oil production growth rate, the increase of $23.41 in the average crude oil price per barrel, and the $0.94 increase in the average price of retail gasoline."
  • Schumer continues: "That means Pioneer’s and its co-conspirators’ collusion may have cost the average American household up to $500 per car in increased annual fuel costs...”
  • Schumer adds: "...[the] alleged collusion with OPEC may have served to enrich countries like Iran and Russia that are actively seeking to undermine the United States and our allies."