Second Oil Executive Faces Price Hike Accusations

September 30, 2024

Second Oil Executive Faces Price Hike Accusations

A New FTC Filing Accuses Hess Corp. CEO of Conspiring With Saudi Government, OPEC

WASHINGTON, D.C. - Today, the Federal Trade Commission alleged in a filing that a second U.S. oil CEO communicated with OPEC and Saudi Arabia to coordinate cutting oil production to keep gasoline prices for Americans higher than they would be, a revelation that Public Citizen said must be followed by a congressional inquiry.

A redacted FTC complaint details how Hess Corporation CEO John Hess allegedly communicated with Saudi Arabian officials and OPEC to keep oil production levels low and gasoline prices artificially high for Americans. The complaint seeks to block Hess from joining the Chevron board of directors as part of Chevron's purchase of Hess Corporation.

The complaint follows a similar FTC allegation in May against former Pioneer Natural Resources CEO Scott Sheffield, who was accused of engaging in similar improper conduct and barred from joining the board of Exxon Mobil, which acquired Pioneer.

Tyson Slocum, director of Public Citizen's energy program, issued the following statement:

"We cannot allow fossil fuel companies to gouge the American public in concert with OPEC while raking in record profits. The FTC is lifting the veil on an effort, apparently by multiple U.S. oil companies, to communicate with foreign actors to artificially raise energy prices for American families and around the world. We reiterate the call for Congress to immediately hold hearings to investigate illegal conduct by Big Oil"