Senate Democrats Urge DOJ Probe into Oil Companies' Alleged Collusion with OPEC

Senate Majority Leader Chuck Schumer and 22 other Democratic senators have called on the Justice Department to investigate alleged collusion and price fixing between the oil industry and OPEC, following the FTC's approval of ExxonMobil's acquisition of Pioneer Natural Resources but blocking former Pioneer CEO Scott Sheffield from Exxon's board. The senators argue that such collusion could be inflating fuel prices and benefiting adversarial nations like Iran and Russia. The American Petroleum Institute has pushed back, defending U.S. oil production and criticizing inflationary policies.