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Since 2021, economists and pundits have tried to blame inflation on workers and rising wages. But a new bombshell exposé spotlights a different cause: oil companies engaging in an alleged price-fixing scheme with Saudi Arabia and other countries that may have fueled roughly one-third of all U.S. inflation in 2021. 

A recent Federal Trade Commission case uncovered text messages and documents suggesting the founder of a big oil company colluded with the Saudi government and other oil-producing countries to keep energy prices high. Another lawsuit alleges multiple American oil companies were engaged in a price-fixing scheme. 

Today on Lever Time, Matt Stoller of the American Economic Liberties Project discusses his groundbreaking reporting on the matter — and explains how this alleged collusion could have played a major role in the country’s inflation crisis.