A group of 22 Democratic Senators led by Majority Leader Chuck Schumer have issued a call on the Department of Justice to investigate a claim made by the Federal Trade Commission that the former CEO of Pioneer Natural Resources had colluded with OPEC to keep oil prices high. “These reports are alarming and lend credence to the fear that corporate avarice is keeping prices artificially high,” the group said in the letter they sent to Attorney General Merrick Garland, as quoted by Reuters.
FTC accused Sheffield of colluding with OPEC and OPEC members to limit production and increase oil prices in comments on its approval of Exxon’s acquisition of Pioneer. The allegations shook the shale oil world, where several large consolidation deals are awaiting the trade watchdog’s approval. The FTC also made its approval of the merger contingent on Sheffield being banned from joining the board of the combined company.