Senate Probes Possibility of Collusion Between Big Oil and OPEC [BNN Bloomberg (Canada)]
Exxon Mobil Corporation (XOM)
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Source: BNN Bloomberg
The probe is being led by Budget Committee Chairman Sheldon Whitehouse, an industry foe. He has requested documents from 18 oil companies — including Exxon Mobil Corp., BP PLC, and Chevron Corp. — on grounds that evidence suggests the oil and gas industry may be trying to depress production. “I am concerned about the possibility that oil and gas companies could be engaging in collusive, anti-competitive activities with OPEC+ that would raise crude oil prices, resulting in higher costs not only for American families,” Whitehouse wrote in letters to the companies, made public Thursday. The documents sought by Whitehouse include communications among company officials and members of the Organization of the Petroleum Exporting Countries related to oil production and prices, from January 2020 to the present. Representatives of BP, Chevron and Exxon did not immediately respond to a request for comment Thursday. The probe comes after the Federal Trade Commission, as part of its review
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