U.S. Lawmakers Urge DOJ to Investigate OPEC Oil Price Fixing, Antitrust Concerns

Jun 4, 2024, 06:05 PM

A group of U.S. lawmakers is urging the Department of Justice (DOJ) to investigate potential price fixing and antitrust conspiracies in the oil and gas market. The call for investigation follows evidence uncovered by the Federal Trade Commission (FTC) suggesting possible collusion among U.S. oil producers, OPEC, and OPEC+. Senate Majority Leader Chuck Schumer emphasized the need for the DOJ to act, stating that the American people deserve to know if Big Oil executives are conspiring to illegally raise prices at the pump. The investigation is being closely watched by market participants, including those following the #OOTT and $USO.