Scott Sheffield, the former CEO of one of America’s top oil companies, is firing back against allegations from the Federal Trade Commission that he colluded with OPEC and other oil companies to boost fuel prices. It’s the latest development in a saga that has thrown US oil companies into the political spotlight during the 2024 election season. POLITICO’s Ben Lefebvre breaks down how Sheffield is defending himself and why these allegations have become a political flashpoint. Plus, the Biden administration proposed initial guidance for technology-neutral tax credits expected to account for the bulk of greenhouse gas reductions under Democrats’ climate law.

For more news on energy and the environment, subscribe to Power Switch, our free evening newsletter: https://www.politico.com/power-switch

And for even deeper coverage and analysis, read our Morning Energy newsletter by subscribing to POLITICO Pro:

https://subscriber.politicopro.com/newsletter-archive/morning-energy

Ben Lefebvre is an energy reporter for POLITICO.

Josh Siegel is an energy reporter for POLITICO.

Nirmal Mulaikal is a POLITICO audio host-producer.

Kara Tabor is an audio producer for POLITICO.

Gloria Gonzalez is the deputy energy editor for POLITICO.

Matt Daily is the energy editor for POLITICO.

Learn more about your ad choices. Visit megaphone.fm/adchoices

How a former oil CEO accused of collusion is fighting back