Senate Launches Investigation Into Big Oil on OPEC Collusion Claims

The U.S. Senate budget committee has initiated an investigation into close to 20 large oil and gas producers following allegations about collusion between the industry and OPEC to push oil prices higher by constraining production. The claims were made by Sen. Sheldon Whitehouse, echoing allegations made by the Federal Trade Commission against the former chief executive of Pioneer Natural Resources, Scott Sheffield earlier this year. The FTC alleged that Sheffield had colluded with OPEC and OPEC+ members to limit production and increase oil…