Dems' splashy — but limited — Big Oil strategy
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Illustration: Aïda Amer/Axios
Multi-pronged attacks on the oil industry by Democrats have two common threads: homework assignments for companies, and requests for Justice Department investigations.
Why it matters: New Capitol Hill probes seek lots of internal documents, but Democrats may lack power to pry much loose after public relations-heavy rollouts. And there's no sign yet that DOJ will act on their wishes.
Driving the news: On Thursday, top Dems on Senate Finance and Budget panels pressed oil companies about April's meeting between execs and Donald Trump.
- Trump reportedly pitched his pro-drilling agenda — and said the industry should raise $1 billion for his campaign.
- "Mr. Trump and Big Oil are flaunting their indifference to U.S. citizens' economic well-being for all to see, conferring on how to trade campaign cash for policy changes," Dems allege.
Zoom in: Letters to Exxon, Venture Global, and a half-dozen others seek communications about the event, policies discussed, any interactions with the campaign, among other details.
- Meanwhile Senate Majority Leader Chuck Schumer — amid high gas prices heading into Memorial Day — said Thursday he'll ask DOJ to probe possible industry "price fixing."
Thought bubble: Recent headlines have given Democrats fresh ammunition. Aside from the Trump event, the FTC's claim that former Pioneer Natural Resources CEO Scott Sheffield years ago engaged in "collusive" activity on production with OPEC+ reps has sparked ire.
The other side: The American Petroleum Institute called queries on the Trump meeting "yet another election-year stunt to distract from America's need" for more oil and gas to "power our economy," and fight inflation.
- "API meets with candidates and policymakers to discuss the need for sound energy policies, and this meeting was no different," API said, noting its priorities are public record.
Catch up quick: Sen. Sheldon Whitehouse and Rep. Jamie Raskin this week urged DOJ to probe allegedly deceptive industry climate claims.
- Additionally, Rep. Frank Pallone, the ranking Democrat on the House energy committee, queried big companies about potential contacts with OPEC+ and other U.S. producers.
Reality check: Democrats have limited powers to force sweeping industry disclosures.
- Even if Senate probes led to subpoenas, enforcement requires 60 floor votes.
- House Democrats have little power in the minority but could go further if they re-take the chamber.
- Meanwhile, FTC probes in years past have found market forces, not manipulation, drive pump prices.
And Republicans have energy policy cards to play, like gas prices edging up ahead of summer.
