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18 Oil Companies Targeted in Price Gouging Lawsuit

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Shale Oil News

Oil Companies,Antitrust Lawsuit,Price-Fixing

A federal judge will hear a consolidated lawsuit accusing major US oil companies of conspiring to limit shale oil production and drive up fuel prices.

A judicial panel has grouped together more than a dozen lawsuits alleging that U.S. oil companies were involved in a conspiracy to limit shale oil production in order to drive fuel prices for end consumers higher. The case will be heard by Albuquerque judge Matthew Garcia, who, Reuters reports, is a former chief of staff for New Mexico Governor Michelle Grisham—a Democrat. The lawsuits target companies including Hess Corp.

The plaintiffs in that case alleged that several oil companies, among which Pioneer, Oxy, and Continental “have collectively coordinated their production decisions, leading to production growth rates lower than would be seen in a competitive market.” The lawsuits were echoed by Democratic legislators earlier this year after the Federal Trade Commission accused Pioneer’s ex-CEO Scott Sheffield of colluding with OPEC to reduce oil supply in 2020.

 

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