[Congressional Record Volume 170, Number 94 (Monday, June 3, 2024)]
[Senate]
[Page S3916]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                BIG OIL

  Mr. SCHUMER. Madam President, on Big Oil, well, we just finished 
celebrating the Memorial Day holiday. On one hand, it is a solemn 
holiday, a remembrance of all who died to protect our country. On the 
other hand, of course, Memorial Day weekend is an unofficial start to 
summer. Schools go out on break, families and friends get together, and 
millions of Americans go on road trips. So it is not hard to feel the 
frustration, the sheer exasperation felt by millions when America's 
biggest oil companies rake in record profits but still raise prices at 
the pump. It is deeply, deeply unfair. And now we have reason to 
believe that in some cases it may be unlawful.

  Last week, I joined with my Democratic colleagues calling on the 
Department of Justice to investigate the oil industry after the Federal 
Trade Commission uncovered evidence of price fixing and of collusion.
  According to the FTC, Pioneer Natural Resources--one of the most 
important producers in the country--may have colluded unlawfully with 
the foreign nations of OPEC to limit production and artificially boost 
prices during the early days of the pandemic.
  Much of the evidence in the FTC's complaint is redacted, but even 
what is public is very, very troubling. According to the FTC, Pioneer's 
former CEO worked extensively with OPEC as early as 2020 to limit 
production, assuring them that American companies who normally competed 
against each other were ``working to keep output artificially low.'' 
Artificially low output means higher prices for Americans.
  Pioneer's former CEO reportedly told his competitors that they need 
to ``stay in line'' and that ``if anybody goes back to growth, 
[shareholders] will punish those companies.'' A month ago, he went as 
far as saying, ``Even if oil gets to $200 a barrel, the independent 
producers are going to be disciplined.''
  This strong-arming seems to have worked, unfortunately. Today, growth 
in U.S. oil output is down 50 percent since the pandemic, but the 
average household is paying $500 more a year per car because of 
possible collusion--$500 more a year per car for gasoline because of 
possible collusion.
  That is what frustrates Americans so much about Big Oil: Even when 
they are making money hand over fist, they will keep raising prices on 
us; they will keep squeezing us for everything we have got. And now, 
they may--may--have crossed the line into unlawful behavior.
  So the DOJ needs to step in and determine if any laws against 
collusion or price fixing have been broken. At minimum, the American 
people deserve to know if Big Oil executives are conspiring with each 
other or with OPEC behind our back to illegally raise prices at the 
pump.

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