Series
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Gas Price Conspiracy

May 6, 2024
The US accuses an American oil company of scheming with Saudi oil magnates to hike up gas prices in the U.S.
the details
The Federal Trade Commission has accused Scott Sheffield, the CEO of oil producer Pioneer, of conspiring with oil-producing countries to raise U.S. gas prices. The FTC also banned Sheffield from joining Exxon’s board of...
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Show transcript
00:01
You heard of that?
00:02
Oh, I thought you remember anyways.
00:04
Republicans always blame immigrants for crime,
00:06
but it turns out that oil companies might be the real scammer
00:09
stealing from us. Tell me,
00:11
when's the last time you filled up your tank?
00:13
Well, brother, I do not recall because I drive an
00:16
electric vehicle. What do you think?
00:18
Like a gas tank?
00:20
Like a gallon of gas cost about right now?
00:22
$5. Am I right?
00:25
You're not too far off but,
00:27
oh, that's a good guess because it's like in the middle
00:29
of like, it's crazy and apparently reports say that an American
00:33
oil company conspired with the Saudi government to hike up gas prices
00:38
There's been some finessing going on.
00:40
Exactly. They're gassing it up anyways.
00:44
the FTC found out the pioneer CEO plotted with OPEC
00:47
the global oil organization,
00:50
including countries like Saudi Arabia,
00:52
Iran and Kuwait and the CEO asked to cut oil production.
00:55
So Americans would pay more for gas.
00:57
So basically American oil producers teamed up with the,
01:01
with OPEC to make oil prices higher,
01:05
costing us a whopping $200 billion last year.
01:11
I felt that and get this.
01:14
It might have cost each of us $1000 and made up 27%
01:19
of all inflation in 2021.
01:22
So now the FTC is allowing Exxon to buy out Pioneer,
01:27
but they're not letting the CEO join the board sketchy.
01:32
Oh, yeah, definitely.
01:34
I mean, cool.
01:34
Well, hopefully gas price go down,
01:36
but I'm not too optimistic.