Oil Executives Caught PRICE-FIXING!

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John B. Hess, CEO of the Hess Corporation, has been allegedly colluding with OPEC leaders to keep oil inventory low to keep prices high. Ana Kasparian discusses on The Young Turks. Your Support is Crucial to the Show: go.tyt.com/joi...
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"Consumer advocates demanded congressional hearings on alleged price fixing by oil giants on Monday after the Federal Trade Commission banned an executive from serving on the board of Chevron, saying he had colluded with international representatives to keep oil prices high.
The FTC said it would prohibit John B. Hess, CEO of the Hess Corporation, from serving on Chevron's Board of Directors as part of Chevron's acquisition of the company, citing Hess' public and private communications "with the past and current secretaries general of the Organization of Petroleum Exporting Countries (OPEC) and an official from Saudi Arabia.""
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241002__TA03_Oil_Execs

Опубликовано:

6 окт 2024

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Комментарии : 596

@dwr4992 День назад

Rich, white guys don't go to jail. Trump has proven that.

@pulsarstargrave256 День назад

@@dwr4992 and Nixon.

@fod79 День назад

Why isn't there a life sentense for stealing billions?!

@paulwilhite7109 День назад

Funny how higher prices are the only thing that trickle down to consumers

@wg4154 День назад

No more tax breaks for corporations

@potrelviewer9536 День назад

Full tax for corporations!!

@courtney-rw8ch День назад

The epitome of corporate greed.

@cobemorris5990 День назад

This guy was caught, but imagine all the others out there

@lauragergen5803 17 часов назад

Corporate greed. Corporations NEED TO BE HELD ACCOUNTABLE!

@kennyb8831 День назад

Wow, its about time someone made a video on this. Ive been talking about this for weeks. They are not the only industry colluding. The meat, grocery and rental industries have been colluding too.🤬🤬

@skygh День назад

Lock them up

@Gremlack13 День назад

If the profits of any company are $18 billion dollars, they’re over charging consumers. Revenue, okay, but profits!?!? That’s pure price gouging. There’s no reason that any company should profit that much money. If you’re making that much in pure profit, you need to pay the little people more and/or reduce prices, because it’s immoral to take advantage of people the way oil companies have.

@humanresources3545 День назад

Oil and gas companies spent nearly 33 million U.S. dollars on lobbying Republican Party members in the 2024 election cycle. The Republican Party has historically been the greatest recipient of oil and gas companies' lobbying expenditures in the United States.22 July 2024 In 2022, fossil fuel subsidies in the United States totaled $757 billion, according to the International Monetary Fund.30 Jan 2024

@ronm9725 День назад

That’s why they ran Jimmy out of office. Because he didn’t want to play the game. He was trying to go solar way back in the 70’s.

@ashleybishop7248 День назад

Corporations fcking over the American consumer??? No WAY!!!!

@armandopatino7382 День назад

“I can’t believe the oil companies were price fixing” said by nobody.

@eat.a.dick.google День назад

Republicans are pretty slow.

@sunnyday237 День назад

And yet, this industry gets billions in dollars as subsidy

@Sendu7 День назад

Watch all the pro Trump bots turn up.

@ferrodell2194 День назад

The FTC isn't going to do a FKN thing. Those bastards are in cahoots with each other.

@timbuckman3870 День назад

Corporate greed is one of the worst plagues we currently have in this country. Please understand that I would never deny any corporation making a profit. But obscene profits, price gouging, and collusion for price fixing, costs the American public millions and most likely billions of dollars every year. The list of corporations that engage in these practices is very long. But some of the major ones are: oil, pharma, groceries, and health care. One partial solution that has been presented is to increase corporate tax rates. That will not doing anything but raise prices higher because the corporations will just pass on that increase to consumers. Regulations are needed to stop this abuse of capitalism. One of the root causes of this horrible problem is that a large percentage of our political leaders on both sides get huge campaign contributions from those guilty corporations. On a regular basis our US Congress men and women vote on laws that can have an impact on those rich contributors, not the people they represent.

@Kevin-on1ez День назад

This is what we get for letting them privatize everything

@JoeGlenn-w9b День назад

Govt is supposed to keep this from happening, laws are in place to punish high profits but everybody is paid off?

@eat.a.dick.google День назад

Republicans enable this.

@christophersanders3406 17 часов назад

They need to now do this for housing and rental fixing

@earlHerring-sk8hh День назад

NO SURPRISE. SAME WITH GROCERIES!

@sureshots98 День назад

What's to stop more price gouging if there's no consequences? The Wisconsin guy is right. These people need jail time.

@bryanjones9952 День назад

Would have helped if it was done a couple of years ago. If Trump gets in office, he has already stated that if he gets 1billion dollars they can do what ever they want...fact... Also, it now makes sense why certain people want to impact Iran's oil production. It would be the perfect cover for more price fixing.

@philiplombardo4332 День назад

It's time for fossil fuel companies to lower their prices and count their blessings.

@Sendu7 День назад

Solar energy and EVs cannot come soon enough.

@BonerinSweatpants-ex7ne День назад

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

@Twinklestar932 День назад

No one is going to do anything about it. Just like the prices of medication. $1,000 for AMERICANS for medication. $93 for the uk for the same medicine

@13dma1rz День назад

The real shock is that an investigation was needed to show price fixing. As if we couldn't all see it with our own eyes.

@eat.a.dick.google День назад

Republicans are pretty slow like that.

@kennethrea79 День назад

He needs to be put in prison. And anyone that does the same. Weather it’s oil or anything people need to live. The rich get away with gouging the poor knowing that the poor can bearly afford anything.

@CharlesEbarb-v8g День назад

I agree with you but then we would not be a capitalist nation anymore. lol

@akersjon278 День назад

WHAT!!?? OIL EXECS ARE DOING SHADY STUFF!!?? SAY IT AIN'T SO!! I'M COMPLETELY SHOCKED!! (I was so sure that this industry was clean...)

@ashleybishop7248 День назад

Trump's solution? TAX CUTS and DRILL, BABY, DRILL!

@mstep7005 День назад

None of it will help you or anyone you know

@ashleybishop7248 День назад

@@mstep7005 Trump has never helped anyone but himself.

@Mr.Free2Play День назад

@@mstep7005The price of goods & services were better under Trump , small businesses were better off under Trump. The world was not in a global powder keg under Trump.

@Mr.Free2Play День назад

@@ashleybishop7248lmao , I’ll bet you the people of Ukraine would rather have a mean phone call from Trump than Biden tricking their president into a war he can’t win.

@mstep7005 14 часов назад

@@Mr.Free2Play all remnants from the previous president. Trump didn't deliver on a single campaign promise during his term. Fact check me. What makes you think this term will be any different? I wait I know why! Trump has given you CON fi dence. 🤣🤣🤣 It's a 4 lane bridge in your back yard I want to sell you.

@yurdp День назад

Shocking. 🙄 we knew.

@rs72098 18 часов назад

It doesn't go to investors or buybacks, it goes into the CEO and the board of directors pockets in the form of salaries, compensation, bonuses, and pork projects. Read the earnings reports, the investors are also getting shafted.

@mekafrank 2 часа назад

Love how the CEOs punishment for corruption and price manipulation is simple banishment for future ceo positions. No fines, no jail time, no firing, just a petty slap on the wrist. He's still allowed to keep his bonuses, retirement package, etc. He'll be replaced with another corrupt CEO and the price gouging continues as always, with the company false promising that they won't do it again

@AshyKnuckles. День назад

This is late-stage capitalism, and it’s already too late to course correct.

@McLongSausage День назад

The FTC announced month's ago that they new there was a price fixing scheme and no one talked about it and it blew my mind.

@AmSuperBlessed День назад

That's gas prices are high despite the fact that American are producing more oil than ever.

@jeffreyengland2960 День назад

Got to tax these companies that are making record Profits got to tax them first.🎉eat the rich

@johnclark2212 День назад

They have been doing this for 100 years! Welcome to Capitalism!

@MiniGamePainter День назад

Why not arrested if there is evidence?

@Gufenaugh День назад

Name a large industry that doesn’t price fix?

@martinfishersings День назад

For 94% profit?

@noshttaken День назад

I sense a boot licker

@stefanwarmuth5251 День назад

They are probably all price fixing.

@jimmyers4890 23 часа назад

You've answered your own question there, the reason they do it is that there are no consequences if these guys were to lose the last three years of their income and be put in jail for five years maybe some of them would think twice about breaking the law.

@lillmiss22 14 часов назад

Yep, I lived in SE Tx near 3 or 4 big plants. I think it was the 2007 oil "Crisis" I asked one of the guys I knew at one plant if they were stressed over it. He winked & said "nah once it gets to an outrageous price per barrel we'll find a whole warehouse full we forgot we had". They literally do not give 2 fks about the average person

@melodyspence70 День назад

How do you think Trump would handle it? Keep blaming Biden for this nonsense and you'll find out.

@Ttd5b День назад

People are just trying really hard to make believe that corruption is about money

@Livingdead7 День назад

It is about the money, politicians are being bribed through 'campaign contributions' so they'll do the bidding of the top corporations.

@MichaelGranger-z3w День назад

Prison time.

@timdykes6675 22 часа назад

Make them pay back every government subsidy they’ve ever received, then get hard on them, what’s the use in having a government that does nothing to serve as a barrier between the people and corporate tyranny?

@frederickhutcherson5967 День назад

This is the type of thing VP Harris wants to put a stop to while her opponent wants to give these people a tax break, the choice is clear. Get out and vote Blue down ballot and give VP a chance to implement her plan to help the people.

@montanamountainmen6104 День назад

Horseshit. Harris wants to end fossil fuel. Well , vehicles don't run on Fairy Dust and Unicorn piss.

@ashleybishop7248 День назад

@@montanamountainmen6104 Pay attention. Fossil fuel will be a thing of the past whether it's because we make this planet uninhabitable or we smarten up and evolve.

@dougm4160 День назад

You think Harris wants to fix the tax problem😂? She is just another corporate hound.

@ashleybishop7248 День назад

@@dougm4160 Biden suggested a windfall profits tax. Congress passed big, retroactive tax breaks for big oil when Trump was in office. *See the difference here?* Biden’s FTC prohibited a big oil executive with a history of price gouging from joining the board of ExxonMobil. The Democratic-controlled House passed a bill authorizing the FTC to punish companies that engage in price gouging and adding a new unit at the FTC to monitor fuel markets. *The bill stalled in the Senate.* Stop blaming Biden and Harris for the stupid pubs in Congress that continue to fck you over.

@Mr.Free2Play День назад

Lmao , the same tax break she bitches about are the same tax breaks Biden NEVER removed after he was voted in. Go ask them why they left Trumps tariffs & tax cuts in place after being voted in.

@rs72098 18 часов назад

I had a supervisor at a fast food restaurant who did not know the difference between revenue and profit. She claimed everything sold was profit. I didn't have time to explain the difference.

@Missunderstood103 День назад

How about giving us back the price gauging profits, litteraly? You know, so they don't still profit from our misery, at our expense? That's the only real restitution. That and doing time.

@mikew6060 День назад

Our inflation is up four point one percent you weirdo

@Jay_Frank День назад

gouging*

@Missunderstood103 День назад

@@Jay_FrankBaby, litteraly, one effed up autocorrect is bad enough. Touch grass.

@Jay_Frank День назад

@@Missunderstood103 Damn touchy aren't you lol

@FredJones-lo2df День назад

Governments should confiscate all monopolistic sectors, energy,freight, air, rail,utility,pharma .

@vontrap6942 День назад

Everyone blames the President but you don't hear anyone moaning about the corporations.

@thomasreilly6362 День назад

The government doesn't set the price for fossil fuel or food. You have to break up these cartel's but Republicans will not support it.

@ChuChuBelo День назад

FYI: People have been moaning about corporations since the 1800s.

@pulsarstargrave256 День назад

Am I the only one who noticed the prices of gas and oil aiways seem to increase during an election year? Whether for the presidential or Mid Term elections-- almost like clockwork! Surely that's just coincidental, right?

@rebeccahancock7406 День назад

They text because they do not care what anyone thinks and know they will not go to jail.

@spidalack День назад

Another good example of why corporations need to be made to pay taxes like the rest of us.

@DrivnX День назад

As a truck driver that transports groceries and meats, I never got a higher pay rate despite diesel doubling during the past 4 years.. so the poor excuse of fuel prices causing groceries to go up is not true

@DrivnX День назад

Yes I pay for my diesel, went from paying $1500 a week in diesel to $2800-$3100 past few years

@Princeneyo22 День назад

Sue that guy for damages then you might actually win if enough people sue him it might actually prevent this from happening again

@DrivnX День назад

@@Princeneyo22 I’m contracted directly to Tyson, national beef and seaboard.. which should make anyone wonder why should these guys decide to charge $10 a pound for no reason, are the cows charging them more to be slaughtered 🤔🤣

@christinamarie3598 День назад

No one is really surprised by this .. what we need is for the ones with the abilities and authority is to FINALLY TAKE REAL ACTION.. they won’t have to worry about support .. we need someone with real balls and grit

@Exaris79 День назад

So tax the stocks of those companies so that it affects the shareholders.

@KennethLembo День назад

This really happened, are you sure ? Our corporations do this? I'm shocked to learn this.😊

@nedcroughan5425 14 часов назад

Wake up ! Oil companies been doing this since the 1970's their mad because we are trying to go green

@righthandstep5 14 часов назад

They're mad they were caught

@Brandon-rc9vp День назад

So he is banned from the board? Why is he not in prison?

@ChuChuBelo День назад

You need evidence of law violation to put someone in prison. I'm not even a little surprised that a TYT viewer doesn't understand this.

@andreaspapadakis2602 День назад

@@ChuChuBelo its not even surprising that you are just a Trump troll, trying all you can to normalize your pro cartel-ish ideology oozing from every word you type!!!!

@dancook4993 День назад

Pure greed with anything we need or have to buy,,,you know like food ,gas and utilities

@shelbykuenning2575 День назад

How many people could $250 billion feed?

@orlock20 21 час назад

That the estimated cost to rebuild Ukraine if the war stopped today.

@lightfangx6961 День назад

I mean...wasn't this already common knowledge?

@juliancrooks3031 4 часа назад

Big corporations price fixing and gouging consumers ? I'm so shocked!! ( NOT)

@tweb3282 День назад

There are regulations for milk and eggs to ensure safety, pricing, or quality. The idea is that if these essential products can be regulated, gas could theoretically be as well.

@Kiki-en9vm День назад

This iswhat kamala is talking about,pri e gauging,and refusing to passdown themoney they were given to pass down to folks.

@montanamountainmen6104 День назад

Well she had 4 years to do it and now she says she will, BS.

@oscarwarren9709 День назад

@montanamountainmen6104 She's just the vice president. She can't do shit. That's like expecting Mike Pence to do a bunch of stuff while Trump was in office 🙄

@ashleybishop7248 День назад

@@montanamountainmen6104 Magats know nothing about anything. Biden’s Federal Trade Commission prohibited a big oil executive with a history of price gouging from joining the board of ExxonMobil. The Democratic-controlled House passed a bill in May authorizing the FTC to punish companies that engage in price gouging and adding a new unit at the FTC to monitor fuel markets. *The bill stalled in the Senate.* Congress passed big, retroactive tax breaks for big oil when former President Donald Trump was in office. Biden pushed for a windfall tax. The problem isn't BIDEN, it's the pubs in Congress. Vote 💙

@ashleybishop7248 День назад

@@oscarwarren9709 You know you're talking to an idiot when a) they blame the Vice President and b) when they're totally oblivious to what the President has attempted to do. Magats have absolutely NO CLUE how badly the stupid pubs in Congress are fcking up.

@gettinglucky 18 часов назад

Wake me up when they're prosecuted

@mrbrooklynite День назад

Fraud and robbery. Every person that got a car should go to a police station with this story and press charges on that guy for robbing them is that not something we could do? Tell the cops you get caught on body cam you go in 70 percent of the time nowadays. But these rich people still dont get in trouble.

@mrbrooklynite День назад

Could you imagine 100,000 police reports filed on that guy 👦 🤔 it literally is something that can be done. If your in Springfield you can bring charges like they did about the cats 🐈 dogs 🐕

@schubajo 23 часа назад

We need to switch off from oil as quickly as possible.

@punchthem4582 22 часа назад

Yes, please switch off... LOL Sad that middle age basement dwellers have no idea how an economy works, or the science of energy. That is what smoking meth does to you. Sad

@Ellieempress 18 часов назад

@@punchthem4582I agree , the meth head red hat brigade don’t understand anything other contrarianism and contradictions .

@micflo8811 День назад

OPEC = Organization of Petroleum Exporting Countries

@skler69 День назад

Much of the post covid inflation was due to corporate greed. During inflation periods, corporations would not be making record breaking profits year after year but in the US that keeps happening.

@Mr.Free2Play День назад

Let us explain it to you genius, when a govt just prints money & floods the public with money, what do you think businesses do?? Every business small or large does this. Go take an economics class

@xyo224 День назад

@@Mr.Free2Play so your solution would’ve been to not help businesses and people to not lose their business and their homes and so on you would’ve rather had a gigantic problem that way fuck off come on kid get a goddamn brain

@Robert_Douglass 23 часа назад

When is enough enough? I can almost guarantee that oil executives have no concept of "I don't need more".

@Blackjack09721 День назад

A lot of industries are begging for regulations. This is probably the least threatened businesses have felt in decades. Especially to do the stunts they pull regularly.

@cyberinsecuregaming2890 День назад

Welcome to the era of peak oil.

@bradlopez3681 День назад

Whaaaaaat cooperation's price fixing they wouldn't do that.

@charlotteinnocent8752 День назад

This is happening everywhere and is why we need the FTC now more than ever and the last thing we need to do is hamstring the FTC. Protect it, that's all we have to fight unfair pricing!

@orangeguy3314 День назад

Really, corporations price fixing. I would never believe it. 😅😂

@PyewacketCharmer-w6m День назад

The Government should make these corporations return our money back. It’s highway robbery. We need action not just talk. People need to be going to jail. If no one goes to jail, there is no deterrent to not rip-off the consumers. It pisses me off to no end. Somebody do something. Anything is better than nothing.

@hwhack День назад

But Biden says we need to be nicer to the CEOs.

@PyewacketCharmer-w6m День назад

@@hwhack Where did you hear that?

@hwhack День назад

@@PyewacketCharmer-w6m Biden's entire career. Biden passed the bankruptcy act written by MBNA.

@mindofjerry5476 День назад

Weren’t they caught months ago too?

@dalehunt-wj6ze 22 часа назад

There is your reasons for inflation out of control

@akjordan1680 День назад

Take back all that have been stolen by these criminals

@sandybeach3576 День назад

Price fixing is the American way 😅

@goatgodbydesign День назад

Wuuuut? I. Am. So. Shocked 🙄😒

@TW0man4RMY День назад

This is breaking news.

@rawnzambie9772 День назад

Profits should be taxed to pay for UBI. AI can be used to track and expose price fixing.

@jssamp4442 День назад

And we need to stop the petroleum subsidies. Why are we subsidizing companies making such huge profits?

@fieldtech9290 День назад

Record inflation? It's called pricegouging bub.

@Mr.Free2Play День назад

Price gauging?? Why didn’t this happen under Trump?? It didn’t. Check big Pharma , they’re the biggest price gaugers in history

@JoeS-NY День назад

Not surprised at all.

@justinsmith9277 День назад

There should be a special price for truckers and there company's for gas, and they should not be able to make more that a billion in profits and make gas over 1.50

@VeteranWayne 22 часа назад

Nothing new unfortunately. Every corporation and executive is enabled to make massive profits except the average American.

@psyopswitch День назад

they know nothing is really going to happen. wow he cant serve on th board or consult, this year. they do need to throw these people in jail but they never will

@andreaspapadakis2602 День назад

why isn't that nationwide news and see how Trump and EEElon will comment on the need/greed for price gouging from the invisible hand of the markets at every given opportunity!

@gusgiesel 17 часов назад

I appreciate the story but I can say with confidence that nobody will face consequences and nothing will change. Lobbyists already have the majority of our elected representatives in their pockets. Corruption and greed are simply ingrained into our capitalist society.

@skyelineblue День назад

Thank you for adding clarity to this sort of greed. We need more informative journalism of this kind. This is the sort of information I share with friends and colleagues that’ll listín. It’s one of those subjects that people can find common ground on. Which is most important when trying to have a civil conversation about our state of politics. ❤ TYT

@hemi08911 День назад

This is why these vultures should be jailed for long sentences just like everyday Americans that recieve football numbers in cages for doing far less.