· 1 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Hill or enjoy below:
🗞️ Driving the news: The Federal Trade Commission (FTC) has accused John B. Hess, CEO of Hess Corporation, of conspiring with OPEC to keep oil and gas prices artificially high
• The FTC blocked Hess's involvement in the Chevron-Hess merger due to concerns over market manipulation
🔭 The context: Hess allegedly coordinated with OPEC to reduce oil production, which would raise prices—a move counter to the benefits of U.S. fracking
• This follows a similar FTC case in May against Pioneer Natural Resources' CEO for price-boosting collusion with OPEC
🌍 Why it matters for the planet: Market manipulation that maintains high fossil fuel prices undermines efforts to transition to clean energy and reduce global emissions
⏭️ What's next: The Chevron-Hess merger will proceed, but Hess will remain only as an advisor for the company's Guyana operations, not a board member
• Legal disputes regarding OPEC coordination may continue
💬 One quote: “OPEC... has done a great job managing the oil market.” — John B. Hess in a 2021 earnings call
📈 One stat: OPEC controls 50% of global oil production, significantly influencing global oil prices
Click for more news covering the latest on oil & gas
