FTC rocks oil industry with claim that Texas executive was colluding with OPEC to fix prices

The FTC has allowed Exxon Mobil's $60 billion acquisition of Pioneer Natural Resources but barred Pioneer's co-founder, Scott Sheffield, from joining Exxon's board due to evidence of his attempts to collude with OPEC on oil pricing. This decision reflects concerns about potential price fixing which could harm consumers. Despite disagreeing with the FTC's findings, Pioneer will not hinder the merger's completion.