FTC to Allow CEOs Accused of Price Fixings to Serve on Fossil Fuel Boards of Directors
WASHINGTON, D.C. — The Federal Trade Commission (FTC) on Thursday overturned its previous orders barring former Pioneer Natural Resources CEO Scott Sheffield and Hess CEO John B. Hess from serving on the boards of Exxon Mobil and Chevron, respectively. The orders were overturned despite earlier findings by the FTC that the CEOs were coordinating oil supply reductions with the Organization of the Petroleum Exporting Countries (OPEC) to fix domestic energy prices. Public Citizen previously submitted comments to the FTC highlighting the threat posed to competitive energy markets from overturning these orders.
In response, Elyse Schupak, policy advocate with Public Citizen’s Climate Program, issued the following statement:
“The FTC’s decision undermines accountability for the CEOs accused of illegally colluding with OPEC to increase profits by driving up energy prices for American families and businesses. Despite the FTC’s earlier conclusions that Mr. Sheffield and Mr. Hess were coordinating oil supply reductions to raise prices under the cover of high inflation, they will be permitted to serve on the boards of Exxon and Chevron, respectively—two of the world’s largest oil companies from which they can continue to engage in activities that harm consumers.
“While the Trump administration feigns interest in bringing energy prices down, its policies—fast tracking export projects, rolling back regulatory safeguards, and halting enforcement actions for corporate wrongdoing—reveal the administration is far more interested in boosting the profitability of the oil and gas industry than providing Americans any relief or safeguarding them against corruption.”
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