U.S. Senate committee investigating 18 oil producers over alleged price collusion with OPEC

The U.S. Senate budget committee on Thursday launched a probe of 18 domestic oil producers about any efforts to illegally co-ordinate oil prices with the Organization of the Petroleum Exporting Countries .

Interest in possible collusion among oil companies with production groups spiked after the U.S. Federal Trade Commission in May barred former Pioneer Natural Resources CEO Scott Sheffield from Exxon’s board on allegations he attempted to collude with OPEC to raise oil prices. The FTC made the move as it approved Exxon’s $60-billion purchase of Pioneer.Senator Sheldon Whitehouse, a Democrat and the chairman of the Budget committee, called for the probe of the companies.

“In view of the findings against Sheffield, I seek to understand whether other oil producers operating in the United States may also have been co-ordinating with OPEC and OPEC+ representatives concerning oil production output, crude oil prices, and the relationship between the production and pricing of oil products,” Whitehouse said in a statement.

President Joe Biden, a Democrat, hopes to win re-election in November. Whitehouse, of Rhode Island, is running for a fourth term in the U.S. Senate. Study and track financial data on any traded entity: click to open the full quote page. Data updated as of

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