Oil companies face record $5.6M penalty for alleged illegal merger coordination - PRESS AI WORLD
PRESSAI
All categories
Recent Posts
side-post-image
Jamie Dimon and Elon Musk "Hug it Out" After Lawsuit Settlement
user-iconAtlas Winston
side-post-image
Ancient Marble Statue Discovered Abandoned in Garbage Bag Near Thessaloniki
user-iconGloria Terra
Contact Phone:
Politics

Oil companies face record $5.6M penalty for alleged illegal merger coordination

share-iconWednesday, January 08 comment-icon2 weeks ago 6 views
News sources:
thehillTHEHILL
Oil companies face record $5.6M penalty for alleged illegal merger coordination

Credited from: THEHILL

  • Three oil companies have agreed to pay a record $5.6 million to settle allegations of illegal coordination.
  • The Federal Trade Commission (FTC) announced the settlement concerning XCL Resources Holdings, Verdun Oil Company II, and EP Energy LLC (EP).
  • Allegations stated that the companies did not wait the required period under the Hart-Scott-Rodino Antitrust Act before transferring operational control.
  • XCL was specifically accused of halting EP's oil development during a crucial time of supply shortages and rising prices.
  • The FTC has increased scrutiny on the oil industry, linking price spikes to alleged anti-competitive behavior amidst geopolitical turmoil.

Read more at The Hill.

SHARE THIS ARTICLE:

TAGS:

Oil companies Ftc Settlement Merger Antitrust
author-dp

Author:

Atlas Winston

A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

nav-post-picture
date-iconJanuary 08, 2025 Biden's Clemency for Leonard Peltier: A Chance for Justice
date-iconJanuary 08, 2025 College students face charges after foiling man's online dating visit in 'Catch a Predator' assault
nav-post-picture
Related Posts
main-post-image
POLITICS
Trump Administration Cancels Refugee Flights, Halting Resettlement Program Amid Policy Changes
date-iconJan 22, 2025
main-post-image
WORLD NEWS
Perplexity AI Seeks to Merge with TikTok US as Ban Deadline Approaches
date-iconJan 19, 2025
main-post-image
WORLD NEWS
Resettlement Agencies Mobilize to Assist Refugees as Trump's Second Term Approaches
date-iconJan 19, 2025
main-post-image
POLITICS
FTC Sues PepsiCo for Alleged Price Discrimination Favoring Walmart Over Smaller Businesses
date-iconJan 18, 2025
main-post-image
WORLD NEWS
CNN Settles $5 Million Defamation Case with Navy Veteran Over Afghanistan Evacuations
date-iconJan 18, 2025
main-post-image
POLITICS
White House Conducts Homeland Security Tabletop Exercise with Incoming Trump Officials
date-iconJan 16, 2025

Stay Connected

main-post-image
Politics
Croatia's Deputy PM Josip Dabro Resigns Following Controversial Shooting Video
date-icon January 19, 2025
main-post-image
World News
Climate Activists Disrupt Davos Meeting with Green Paint Protest at Amazon Base
date-icon January 20, 2025
main-post-image
World News
Former Georgian Prime Minister Giorgi Gakharia Hospitalized After Violent Attack Tied to Ruling Party Members
date-icon January 16, 2025
main-post-image
World News
South Korea's President Yoon Denies Martial Law Allegations During Impeachment Hearing
date-icon January 21, 2025

Tags

Stay informed effortlessly with PRESS AI WORLD, the AI-powered news summarizer that delivers concise, easy-to-read global headlines tailored to your interests.

Categories

Recent Posts

side-post-image
Jamie Dimon and Elon Musk "Hug it Out" After Lawsuit Settlement
user-iconAtlas Winston
side-post-image
Ancient Marble Statue Discovered Abandoned in Garbage Bag Near Thessaloniki
user-iconGloria Terra
© 2025 All rights reserved | PRESS AI WORLD