Democrats Push for Investigations into Oil Industry Amid Allegations of Collusion and Price Fixing.

Democrats are increasing their political pressure against the oil industry, with Senate Majority Leader Chuck Schumer (D-N.Y.) urging the Justice Department to investigate oil companies implicated in “collusion and price fixing” allegations. This follows allegations from the Federal Trade Commission that the former CEO of Pioneer Natural Resources, now owned by Exxon Mobil, attempted to collude with rival companies and OPEC to maintain oil production at levels that would keep prices elevated. Meanwhile, House Energy and Commerce Committee ranking member Frank Pallone is investigating Exxon, Chevron, and other industry entities for possible communications with officials from OPEC+. Democrats on the House Natural Resources Committee have also written to their chairman, Rep. Bruce Westerman (R-Ark), asking for an investigation into the allegations. They believe that big oil companies conspired to increase profits at the expense of consumers while profits have soared.