The FTC filed a redacted complaint in the Exxon/Pioneer deal, which you can see at the below link.
It includes serious allegation of collusion to raise prices on Americans at the gas pump in order to pad the profits of fossil fuel companies. 🧵1/4
ftc.gov/system/files/f…
It includes serious allegation of collusion to raise prices on Americans at the gas pump in order to pad the profits of fossil fuel companies. 🧵1/4
ftc.gov/system/files/f…
Former Pioneer CEO Scott Sheffield would often publicly signal to American producers that they should hold back pumping more oil and gas in order to keep prices high.
But the FTC alleges he also conducted a private campaign directly with OPEC officials. 2/4
But the FTC alleges he also conducted a private campaign directly with OPEC officials. 2/4
The FTC has subpoena powers, and during the investigation FTC staff uncovered what appears to be a lot of attempted collusion with key oil market players. 3/4
The FTC took action after finding evidence of a senior oil exec trying to facilitate a cartel that could cost every driver at the pump & everyone taking a flight or heating their home.
FTC Chair Lina Khan makes the case for the agency's action by channeling Maya Angelou. 4/4
FTC Chair Lina Khan makes the case for the agency's action by channeling Maya Angelou. 4/4
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