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Market
Stock price impact on Big Oil post-collusion investigation by Q3 2024
5
House Democrats•Exxon•Chevron•Occidental•Hess•Devon•BP•Shell•OPEC•Energy and Commerce Committee•Frank Pallone•Democrats•Department of Justice
Resolution / Starting Odds
Increase • 33%
Decrease • 33%
No significant change • 34%
Stock market data and financial analysis reports
Story
House Democrats Investigate Big Oil for Collusion with OPEC, Refer Case to Justice Department
May 22, 2024, 04:49 PM
House Democrats have launched an investigation into whether major oil companies, including Exxon, Chevron, Occidental, Hess, Devon, BP, and Shell, colluded with OPEC to inflate gas prices. The investigation, led by Energy and Commerce Committee Chairman Frank Pallone, aims to determine if these companies engaged in price-fixing to drive up profits. Democrats have also referred the matter to the Department of Justice, urging them to investigate potential collusion and a decades-long disinformation campaign by the fossil fuel industry regarding the climate effects of fossil fuels and climate change.
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