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Evidence of price-fixing in the oil industry?

The FTC just found evidence that American oil companies colluded with the Saudi government to hike gas prices, costing the average family $3,000 last year. The question is, what can we do about it?

That was our plan,” he said, adding: “I was using the tactics of OPEC+ to get a bigger OPEC+ done.” He talked to shareholders, publicly threatened rivals, and ultimately achieved output cuts across the industry regardless of price. In 2021-2022, many populists questioned whether oil companies were engaging in a conspiracy, which triggered intense pushback from economists like Larry Summers that market power as a cause of inflation is a silly theory, and that we needed a recession and cuts to government spending to bring down prices. Finally, there’s also likely to be some sort of political reaction, considering it’s an election year, and this is pretty good evidence that oil firms helped collude with Saudi Arabia to steal thousands of dollars from each American family.

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