18 Oil Companies Targeted in Price Gouging Lawsuit

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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Is It Time for National Oil Companies to Renter the M&A GameNational oil companies are poised to increase M&A activity, driven by diversification needs and attractive valuations.
Source: OilandEnergy - 🏆 34. / 68 Read more »

International Oil Companies Caught in Kurdish Smuggling WebA Reuters investigation reveals a booming black market for Kurdish oil, with thousands of tanker trucks smuggling crude to Iran and Turkey despite a pipeline closure.
Source: OilandEnergy - 🏆 34. / 68 Read more »

International Oil Companies Caught in Kurdish Smuggling WebA Reuters investigation reveals a booming black market for Kurdish oil, with thousands of tanker trucks smuggling crude to Iran and Turkey despite a pipeline closure.
Source: OilandEnergy - 🏆 34. / 68 Read more »