oil prices
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Lawmakers investigate potential shale collusion affecting federal land leases
A group of Democratic lawmakers is investigating if shale oil companies colluded to manipulate oil prices, potentially affecting their federal land leases and operations.
In short:
- Democratic lawmakers have asked the Department of the Interior to consider suspending or banning oil companies from federal land leases due to alleged antitrust violations.
- An FTC investigation found evidence suggesting at least eight major shale producers, including ExxonMobil and Pioneer, engaged in collusion to drive oil prices up.
- The lawmakers' request follows the FTC’s six-month review of the ExxonMobil-Pioneer merger, which allowed the merger but restricted Pioneer’s former CEO from joining ExxonMobil’s board.
Key quote:
“If a company is found guilty of something like collusion, we have regulations in place that make them ineligible to hold a lease in the future.”
— Liz Klein, Bureau of Ocean Energy Management Director
Why this matters:
Collusion among shale producers could artificially inflate oil prices, burdening consumers and violating antitrust laws. Regulatory actions against these companies could disrupt their operations and impact their financial stability.
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