US Oil Exec Caught in Shocking Gas Price Fixing Scandal With OPEC!

On Monday, consumer advocacy groups called for congressional inquiries into suspected price manipulation by major oil corporations. This demand followed a decision by the Federal Trade Commission (FTC) to disqualify a leading executive from participating on Chevron’s board due to his involvement in global schemes to elevate oil prices.

The FTC announced its decision to bar John B. Hess, CEO of Hess Corporation, from joining Chevron’s Board of Directors amid Chevron’s planned acquisition of Hess Corporation. The FTC cited evidence of Hess’s ongoing communications with both former and present OPEC secretaries general and a Saudi Arabian official.

“Mr. Hess has repeatedly emphasized the need for stability and careful inventory management in the oil market. He urged these leaders to address and promote these topics at various international gatherings,” the FTC stated.

This incident marks the second accusation against an oil executive for collusion and price fixing since May, aimed at maintaining elevated gas prices in the U.S., which purportedly adds roughly $500 annually to the fuel expenses of an average American household.

Following this disclosure, Democratic legislators have urged the Department of Justice to investigate potential collusive behaviors among fossil fuel entities, spurred by revelations that Scott Sheffield, founder of Pioneer Natural Resources, sought to influence OPEC through texts, WhatsApp messages, and personal meetings to support high oil prices.

“Americans who are struggling to make ends meet cannot afford any more price fixing collusion between Big Oil CEOs and foreign countries.”

Representative Mark Pocan (D-Wis.) voiced strong concerns, suggesting that “jail time should seriously be considered” as a consequence for these actions, which exacerbate the financial burdens on families already struggling with essential expenses like groceries and childcare.

Over the past two years, the top five U.S. oil companies have collectively declared profits exceeding $250 billion.

“It’s unacceptable for fossil fuel companies to exploit American consumers in collusion with OPEC while securing record earnings,” said Tyson Slocum, director of the energy program at consumer advocacy group Public Citizen. “The FTC’s revelations underscore the need for urgent congressional hearings to investigate these potentially illegal activities by major U.S. oil firms.”

Accountable.US, a government watchdog, expressed its concerns by stating this incident as “another Big Oil CEO caught colluding with OPEC.”

“Americans who are struggling to make ends meet cannot afford any more price fixing collusion between Big Oil CEOs and foreign countries,” said Chris Marshall, spokesperson for the organization. “They must be held accountable to ensure consumers are charged fairly at the gas pump.”