Official statements or reports from the House Democrats or relevant committees

FTC Evidence Prompts House Democrats to Investigate Oil Price Collusion with OPEC from 2021-2023

May 22, 2024, 02:46 PM

The Federal Trade Commission (FTC) has released evidence indicating that the high oil prices from 2021 to 2023 were a result of collusion between US oil producers and OPEC. This revelation has prompted House Democrats, including E&C Democrats, to launch an investigation into whether oil companies have been colluding to drive up gas prices for their own profit. Representative Mark Pocan and Frank Pallone have emphasized that Congress and the American people deserve to know the truth about these potential manipulations. A new factsheet has been released by RepMarkPocan to provide more details. The investigation comes shortly after the announcement of the sale of the gas reserve, which politicians are concerned about ahead of upcoming elections.