Senate Majority Leader Chuck Schumer and 22 other Democratic senators are calling on the Justice Department to prevent and prosecute alleged collusion and price-fixing in the oil industry.
This week’s Insider Deals are so good you’ll want all of themSenate Majority Leader Chuck Schumer, D-N.Y., joined at left by Sen. Debbie Stabenow, D-Mich., speaks to reporters after Senate Republicans blocked a bipartisan border security and immigration bill for a second time this year, at the Capitol in Washington, Thursday, May 23, 2024.
In a report, the FTC said collusion by Pioneer and others may have cost the average American household up to $500 per car in increased annual fuel costs, an amount Democrats called “an unwelcome tax that is particularly burdensome for lower-income families.
“Corporate malfeasance must be confronted, or it will proliferate," the letter said. “These alleged offenses do not simply enrich corporations; hardworking Americans end up paying the price through higher costs for gas, fuel and related consumer products. The DOJ must protect consumers, small businesses and the public from petroleum-market collusion."
Separately, Democratic Sen. Sheldon Whitehouse of Rhode Island and Democratic Rep. Jamie Raskin of Maryland have formally asked the Justice Department to investigate whether Exxon, Chevron and other oil companies misled the public over decades about the climate effects of burning fossil fuels.
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