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exxonmobil
Lina Khan Slams Trump FTC for Giving Oil Executives a Free Pass After Price-Fixing Scandal
Khan accused the administration of "letting off the hook oil executives caught trying to collude with foreign countries to inflate how much people pay at the pump."
Jul 18, 2025
A ban imposed last year by top antitrust enforcer Lina Khan under the Biden administration had stopped two fossil fuel CEOs accused of colluding on oil prices from serving on powerful corporate boards, with the Federal Trade Commission saying at the time that the order would "help ensure American consumers benefit from lower prices at the pump."
But the Trump administration on Thursday signaled no interest in ensuring oil companies won't engage in price-fixing and collusion to boost profits at the expense of working families as the FTC overturned the order that prevented former Pioneer Natural Resources CEO Scott Sheffield and Hess CEO John Hess from serving on the boards of ExxonMobil and Chevron, respectively.
Exxon bought Pioneer for $59.5 billion last year, while Chevron's purchase of Hess was announced Friday after months of arbitration proceedings.
The FTC, now led by pro-corporate Republican Andrew Ferguson, said the commission's complaints about Sheffield's and Hess's communications with the Organization of the Petroleum Exporting Countries (OPEC) did not "plead any antitrust law violation" or show that the acquisitions of the smaller companies and the CEO's positions on the boards "would be anticompetitive."
The decision, said Elyse Schupak, a policy advocate with Public Citizen's Climate Program, "undermines accountability for the CEOs accused of illegally colluding with OPEC to increase profits by driving up energy prices for American families and businesses."
Khan's investigation last year found the Sheffield had communicated with OPEC about slashing oil production and driving up consumer prices while claiming Biden administration policies were to blame, prompting U.S. Rep. Mark Pocan (D-Wis.) to say "jail time should seriously be considered" for the CEO.
"The FTC needs to be doing more to fully rout out Big Oil's anticompetitive behavior. But Ferguson has moved the FTC in the complete opposite direction."
The FTC also found that Hess "stressed the importance of oil market stability and inventory management and encouraged [OPEC] officials to take actions on these issues and speak about them at different events."
One analysis by Matt Stoller of the American Economic Liberties Project found that price-fixing schemes by corporations—not inflation—were to blame for 27% of the higher prices American families faced in 2021.
Khan on Thursday accused President Donald Trump's FTC of "letting off the hook oil executives caught trying to collude with foreign countries to inflate how much people pay at the pump."
The commission's three Republican members voted to allow Sheffield and Hess to serve on the boards—even as one of them, Commissioner Mark Meador, said that OPEC operates "as a de facto cartel" and warned the FTC "should not hesitate to bring enforcement actions against actual collusion."
Ferguson, meanwhile, claimed that banning Sheffield and Hess from the company boards "would damage the FTC's credibility and undermine its mission"—a statement that was denounced by the government watchdog Revolving Door Project.
"Banning a C-suite executive who tried to inflate oil prices isn't the move that 'damages' the FTC's credibility. It's Andrew Ferguson's willingness to absolve such actions that undermines the agency's mission to promote competition," said the group.
"The FTC needs to be doing more to fully rout out Big Oil's anticompetitive behavior," added Revolving Door Project. "But Ferguson has moved the FTC in the complete opposite direction—signaling to corporate America that they won't be held accountable for fleecing the public."
Schupak said that "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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Small Investment, Big Reward: Oil Giants Dumped $19 Million Into Trump's Inaugural Fund
"Every month that Donald Trump has been in power, we've seen a raft of anti-climate measures come out which are music to the fossil fuel industry's ears," said one investigator.
Jul 09, 2025
Oil, gas, and coal companies and individuals linked to the climate-wrecking fossil fuel industry contributed more than $19 million to U.S. President Donald Trump's second inaugural fund, an analysis by a leading international environmental and human rights group revealed Wednesday.
Scouring itemized U.S Federal Election Commission data, Global Witness identified 47 individual donations to the Trump-Vance Inaugural Committee between November 2024 and January 2025 totaling $19,151,933. Using an artificial intelligence tool developed by Global Witness to identify corporate lobbyists, the group's researchers were able to automatically determine each donor's ties to the fossil fuel industry.
Global Witness said the $19.15 million figure "is likely an underestimate, as we did not count donations from diversified investors and businesses who couldn't be said to primarily represent the fossil fuel industry," and individuals with common names that couldn't be identified were not included in the final report.
According to the analysis:
The list of donors includes individuals who were given ambassadorships or key positions in the Trump Cabinet.
For example, billionaire Warren Stephens donated $4 million on December 2, 2024, the same day Trump nominated him to be U.S. ambassador to the U.K. Stephens has extensive links to the oil and gas industry but also invests in other sectors and wasn't included in our calculations of fossil fuel industry donors.
Trump also nominated Melinda Hildebrand—who donated $500,000 to the president's inaugural fund—to be U.S. ambassador to Costa Rica.
Hildebrand is the vice president of Hilcorp Ventures, which claims to be of the largest privately owned oil and gas producers in the U.S. Her husband, founder and chairman of Hilcorp, donated another $500,000.
Among fossil fuel corporations, Chevron was by far the largest contributor to Trump's inauguration fund, giving $2 million. Other companies including ExxonMobil, ConocoPhillips, and Occidental Petroleum each donated $1 million.
Overall, Big Oil gave $445 million to Trump and other Republican candidates during the 2024 election cycle.
Trump, who ran on a "drill, baby, drill" energy policy, has signed a series of executive orders aimed at boosting fossil fuel production, including by declaring a fake "energy emergency" in a push to fast-track permit approvals. He also tapped former fossil fuel executives to head the Department of Energy and Interior Department, which have pursued a policy of opening up more public lands and waters for fossil fuel development.
At the same time, the Trump administration dropped out of the Paris climate agreement for the second time and moved to roll back the modest climate progress achieved under former President Joe Biden.
"It's no surprise the oil and gas industry handed millions to Donald Trump for his inauguration, and they seem to have reaped a huge return on their investment," Global Witness senior data investigator Nicu Calcea said in a statement Wednesday.
"Every month that Donald Trump has been in power, we've seen a raft of anti-climate measures come out which are music to the fossil fuel industry's ears," Calcea continued. "From plans to steamroll through dirty new coal plants, to the attempted quashing of 'polluter pays' laws that would hold oil giants accountable, it's clear where his political priorities lie."
"While Trump sides with his friends in oil and gas, we must keep up the fight for a fair, green future—that means pushing for wind and solar where we live, backing polluters pay bills, and resisting the development of oil, gas and coal projects across the country," he added.
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Lina Khan Accuses Trump FTC of Trying to Let Oil Exec 'Off the Hook' for Price Gouging Scandal
As FTC chair, Khan stopped a fossil fuel CEO from "cashing in and joining Exxon's board," said one lawmaker. "Now, with Trump bending to the whims of Big Oil, he's considering overturning that punishment."
May 06, 2025
"So much for America First," said one progressive lawmaker on Monday regarding the Federal Trade Commission's new push to reverse a ban on two fossil fuel CEOs from serving on the boards of ExxonMobil and Chevron—the oil giants that were acquiring their companies.
The FTC is accepting public comments until May 12 on a petition filed by former Pioneer National Resources CEO Scott Sheffield, which would set aside the Biden administration's consent order; finalized days before President Donald Trump took office, that barred Sheffield from serving on Exxon's board.
The order also applied to John Hess, CEO of Hess Corp., which was being acquired by Chevron.
Then-FTC Chair Lina Khan barred the CEOs from becoming board members over concerns that they would collude with representatives of the Organization of Petroleum Exporting Countries (OPEC) to ensure Americans continued paying high oil prices.
Sheffield and Hess both communicated with OPEC officials, including "the past and current secretaries general" of the organization "and an official from Saudi Arabia," according to an FTC probe under the Biden administration.
The two executives and their companies denied the allegations. Republican members of the FTC at the time voted against Khan's ban on the board positions, claiming it overstepped the agency's authority.
But on Monday, Khan urged those who oppose oil price fixing by energy giants to submit public comments on the Trump administration's "proposal to release Sheffield from accountability."
"The FTC is now trying to let this oil executive off the hook," said Khan, a law professor at Columbia University.
Exxon, the largest U.S. oil company, bought Pioneer in a $59.5 billion deal last year. Chevron's purchase of Hess for $53 billion is currently pending during arbitration proceedings.
The FTC's investigation last year found that Sheffield communicated with OPEC about cutting oil production and driving up consumer prices while publicly blaming government policies. One analysis found such price fixing schemes by corporations were to blame for 27% of the inflation spike that American families faced in 2021.
Sheffield pushed to "keep gas prices high so his shareholders could make even more money," said Rep. Mark Pocan (D-Wis.) on Monday. "Lina Khan's FTC prevented him from cashing in and joining Exxon's board. Now, with Trump bending to the whims of Big Oil, he's considering overturning that punishment."
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