FTC Uncovers Big Oil-OPEC Collusion Costing $200 Billion, Lawmakers Demand Hearing

The Federal Trade Commission (FTC) has uncovered text messages between big oil CEO Scott Sheffield and OPEC officials agreeing to limit oil production to raise prices. This collusion has resulted in significant financial burdens on consumers, costing them $200 billion a year, which translates to approximately $3,000 per family. In response, Rep. Melanie Stansbury and other lawmakers are demanding answers from oil companies and calling for an end to price gauging. Energy and Commerce Ranking Member Frank Pallone has called for a hearing to investigate these allegations, urging Chair Cathy McMorris to take action. Additionally, Sen. Ed Markey and Sen. Martin Heinrich have criticized the oil industry for prioritizing profits over consumers, with Heinrich noting that oil and gas companies made over $400 billion in profits in 2022. Lawmakers are urging the FTC not to approve further consolidations in the oil industry, which could exacerbate price-fixing and collusion.