Democrats to probe Trump energy deals after winning Congress

Congressional Democrats intend to open a broad investigation of the Trump administration's energy dealmaking once they take control of both chambers in January 2027, CNBC reported on November 5, 2026.

Committee control carries subpoena power, allowing Democrats to compel testimony and documents after months in which they could only send letters. Rep. Frank Pallone, the New Jersey Democrat expected to chair the House Energy and Commerce Committee, said the panel would pursue an aggressive oversight agenda.

Among the targets: the Pentagon's stake in North American Blue Energy Partners, an oil company tied to Venezuelan reserves the administration says total 65 billion barrels; roughly $8 billion of cancelled energy projects in states that backed Kamala Harris in 2024; and the Interior Department's payment of nearly $1 billion to TotalEnergies to cancel an offshore wind project.

Democratic senators have also questioned Cantor Fitzgerald's role in critical minerals deals involving federal equity stakes. Commerce Secretary Howard Lutnick, who ran Cantor before joining the cabinet and divested, told CNBC in September 2026 the inquiries were "a waste of time."

Crude prices fell sharply on November 4 on expectations the election result would push President Trump toward a deal with Iran.

This story was first reported by CNBC.