 Energy & Environment |
Energy & Environment |
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Senate Dems call for probe of Big Oil over price-fixing allegations |
Senate Majority Leader Chuck Schumer (D-N.Y.) led 23 Democratic senators Thursday in a call for the Justice Department to investigate allegations of price-fixing by major oil companies. |
In their letter, the senators called for a full probe into possible industry violations of the Sherman Act, the 1890 law barring monopolies and anticompetitive agreements. They specifically cite recent allegations by the Federal Trade Commission (FTC) that ex-Pioneer Natural Resources CEO Scott Sheffield colluded with the OPEC oil group on price-fixing activity. The FTC recently approved ExxonMobil's $60 billion acquisition of Pioneer Natural Resources on the condition that Sheffield, who retired as CEO in 2023 but retained a seat on its board of directors, not be part of the new entity's board. Lawyers for Sheffield have called the agency's allegations "a false narrative … and a farfetched interpretation of the applicable statutes." "From pre-pandemic times to current day, industry collusion may have contributed to the 49% decrease in the U.S. oil production growth rate," the Democrats wrote in their letter. "Pioneer's and its co-conspirators' collusion may have cost the average American household up to $500 per car in increased annual fuel costs — an unwelcome tax that is particularly burdensome for lower-income families. "Meanwhile, Western oil majors collectively earned more than $300 billion in profits over the last two years, a surge that many market experts believe cannot be explained away by increased production costs from the pandemic or inflation." An ExxonMobil spokesperson declined comment to The Hill. Read more in a full report at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, I'm Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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How policy will affect the energy and environment sectors now and in the future: |
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The Biden administration announced Thursday it will award nearly $900 million for clean energy school buses to hundreds of school districts across the country. |
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A coalition of community activists called on House leadership to take up a broader reauthorization of the Radiation Exposure Compensation Act (RECA) after Speaker Mike Johnson (R-La.) scheduled a vote on a more limited extension next week. |
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The increasing incidence of climate change-induced heat spikes, wildfires and life-threatening flash floods is engulfing pregnant and postpartum individuals in a wave of eco-anxiety and depression. |
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Branch out with a different read on The Hill: |
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DALLAS (AP) — Crews trying to restore power across storm-battered Texas were contending with downed trees and tangled limbs on Thursday, along with a forecast that could bring more damaging winds and hail. |
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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Little to no ethanol will qualify for US aviation fuel credit (Reuters)
Corporations invested in carbon offsets that were 'likely junk', analysis says (The Guardian) N.Y. becomes first state to launch federally backed energy efficiency rebate program (Spectrum NY1)
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Two key stories on The Hill right now: |
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Chief Justice John Roberts on Thursday declined a request to meet with Senate Judiciary Committee Chair Dick Durbin (D-Ill.) and Sen. Sheldon Whitehouse (D-R.I.) about their push for Justice Samuel Alito to recuse himself from upcoming Supreme Court cases dealing with Jan. 6, 2021, and the effort to overturn the 2020 election. Read more |
| Rep. Jasmine Crockett (D-Texas) on Thursday defended fundraising off the "bleach-blonde, bad-built butch body" insult she directed at Rep. Marjorie Taylor Greene (R-Ga.) amid a heated exchange between the two lawmakers during a committee hearing earlier this month. Read more |
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Op-ed related to energy & environment submitted to The Hill: |
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You're all caught up. See you tomorrow! |
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