Senate Probes Possibility of Collusion Between Big Oil and OPEC [Financial Post (Toronto, Ontario, Canada)]
Exxon Mobil Corporation (XOM)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — A US Senate committee is investigating whether oil producers are illegally coordinating with OPEC to raise prices, following allegations that the former head of Pioneer Natural Resources Co. colluded with the cartel. 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. Article content “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 Whitehous
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