Barragán, Markey Introduce Bill to Hold Big Oil Accountable for Collusion with OPEC

WASHINGTON, D.C. — Rep. Nanette Barragán (CA-44) and Senator Ed Markey (D-MA) July 24 introduced the Big Oil Collusion Accountability Act, legislation that would hold fossil fuel companies accountable for colluding with OPEC to raise prices. If a company is found by the Federal Trade Commission to have colluded with OPEC, the company would no longer be eligible for new oil and gas leases on federal lands and waters. To the extent allowable by law, the Department of Interior would also be required to cancel the company’s existing oil and gas leases, and would not renew or extend any leases once their terms expire. 

In May of this year, the Federal Trade Commission or FTC accused Pioneer Natural Resources CEO Scott Sheffield of exchanging hundreds of messages with OPEC officials to artificially inflate oil prices. Recently, the media reported the FTC is investigating the executives of several big oil companies for signs of collusion with OPEC, including Hess Corp, Occidental, and Diamondback Energy.  

“As we work to urgently transition our country off fossil fuels and invest in clean energy alternatives, American consumers should not pay unfair prices at the pump to pad the fossil fuel industry’s pocketbook,” said Rep. Barragán. “We need a strong deterrent to ensure fossil fuel companies cannot price fix. I’m proud to introduce this bill with Senator Markey to ensure we hold oil companies accountable for illegal price-fixing schemes that hurt American’s wallets.” 

The following members of Congress have cosponsored the bill: Raul Grijalva, Rashida Tlaib, Andre Carson, Eleanor Holmes Norton, Dina Titus, Alexandria Ocasio-Cortez, Kevin Mullin, Barbara Lee, Ilhan Omar, Bonnie Watson Coleman, and Jared Huffman.

The following organizations have endorsed the bill: League of Conservation Voters, Oil Change International, Sierra Club, Center for Biological Diversity, Food & Water Watch

Details: The text of the bill is available here.