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The Federal Trade Commission uncovered a plot to rig high oil prices, which has forced seniors to pay higher prices at the pump all year.
US oil producers are explicitly prohibited by federal law from price fixing and from taking actions that restrict competition, but the largest oil company in Texas was caught red-handed illegally colluding to keep prices high with the oil cartel that includes Iran, Iraq, and Saudi Arabia.
The FTC referred the case to the Department of Justice for criminal prosecution. Sign our petition urging the DoJ to investigate and prosecute any American oil executives caught illegally scheming to keep gas prices high!
In addition to the direct price increases at the gas pump, many of the higher prices we’ve faced, from groceries to food delivery, come back to the increased price of oil.
Higher prices are not, as we're sometimes told, simply the result of government spending, or the invisible hand of the market.
Real human hands are involved here ― including CEOs that send texts to foreign oil ministers about how they should work together to keep prices high.
This plot was only uncovered in the first place thanks to an aggressive investigation by the FTC, led by chair Lina Khan, when Pioneer Oil attempted to merge with ExxonMobil to get an even bigger piece of the pie. This is how the system should work: Aggressive investigation and enforcement, so that there isn’t one set of laws for the rich and powerful and another for people like us.
If you agree, sign our petition to the Department of Justice urging them to pursue an investigation and prosecution of this illegal Big Oil price-fixing scheme!
Thanks,
Alex Lawson
Social Security Works
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