US Senate probes suspected collusion among domestic oil producers

The US Senate budget committee has launched an investigation into suspected collusion among 18 domestic oil producers.  Exxon, Chevron, and ConocoPhillips are among the companies targeted.

The Federal Trade Commission barred former Pioneer Natural Resources CEO Scott Sheffield from taking a seat on Exxon’s board of directors last month based on allegations he tried to work with OPEC to raise oil prices.  Sheffield has denied the allegations.

The American Petroleum Institute has called the probe an “election-year stunt.”

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