FILE - What you pay at the pump will be studied by a lawmaker who is concerned about possible collusion between OPEC and oil companies in the U.S. - A House lawmaker says he’s investigating whether big oil is colluding with OPEC to keep gas prices high.The New Jersey Democrat said he wants to find out if prices are being artificially inflated to boost profits while harming American consumers who pay more at the pump.
Pallone said he’s “concerned that Mr. Sheffield’s behavior may represent common practices across the industry, as reporting and the FTC complaint have suggested. Simply put, I am worried that Mr. Sheffield’s actions, rather than being ‘entirely inconsistent with how we do business,’ as Exxon has claimed, are instead industry-standard practice — directly contradicting what the largest oil companies, including Pioneer and Exxon, testified to the Committee last Congress.
Republicans in Congress have long criticized the reserve, created by President Barack Obama, saying it should’ve been created by Congress.Authorities still conducting search, rescue after tornado slams Iowa; at least 1 dead