Sen. Ed Markey is slamming the Federal Trade Commission for allowing two former executives to join major oil company boards after accusing them of colluding with foreign countries to set prices.
The Massachusetts Democrat sent a letter Tuesday asking FTC commissioners to explain why they reversed their ban on former Hess CEO John Hess and Pioneer Natural Resources CEO Scott Sheffield joining the boards of Chevron and Exxon Mobil, respectively. Chevron bought Hess earlier this year, and Exxon bought Pioneer last year.
“The Commission has opened the door for individuals with a documented history of coordinating with foreign oil cartels to shape U.S. energy production,” Markey wrote.
“This action undermines the FTC’s core mission of protecting competition, threatens to drive up fuel prices for American consumers, and raises serious questions about whether the agency is prioritizing corporate interests over the public good,” the senator said.
