Plaintiffs in an antitrust class action over oil prices have asked a federal judge in Nevada to force Pioneer Natural Resources to hand over communications involving its embattled former CEO Scott Sheffield that it gave to the U.S. Federal Trade Commission.
The FTC last week approved Exxon Mobil’s $64 billion purchase of Dallas-based Pioneer, but the agency barred Sheffield from Exxon’s board over allegations that he tried to collude with OPEC to reduce output of oil and gas in order to boost his company’s profits.
The case is Rosenbaum v. Permian Resources, U.S. District Court, District of Nevada, No. 2:24-cv-00103-MMD-MDC.
Good. I’m looking forward to this.
There was broad consensus in 2021 and 2022 that oil production was unnaturally slow to respond to market forces. Conservatives were just blaming Biden for it like usual.
I’d love to see what’s behind the redactions in the FTC’s complaint.
Consumers want lower gas prices. This is just well funded libs making us all poor again, not consumers.
They want all of America to pay high gas price like in Cal.
Also, I don’t know how NOAA keeps records but I imagine they are as honest as the FBI with russian collusion. It’s been really cold the last few years. We got snow in May!
As it is now, we probably won’t learn anything more unless Sheffield sues the FTC, or the consumer lawsuit acquires these communications. Hope he does, so we can quickly get the third side of the story.
I’d bet my last dollar the so-called “consumers” in fact political activists with a pre-conceived agenda (corporation basher types using the court system to advanced the agenda that is rejected when presented at the ballot box) The whole attempt to portray the salivating agenda-driven anti-corporate activists as “consumers” shows only that the article is attempting to deceive us and does so from its very first word.
What a foolish, uneducated thing to do, to pretend to believe an obvious piece of propaganda. As I have said many times, I preferred liberals in the old days when they pretended to be smart. Now they advance their agenda by pretending to be stupid.
In 2023, Pioneer’s average daily oil production stood at 372,000 barrels of oil per day.
The global oil consumption in 2022 reached approximately 97.3 million barrels per day
So, Pioneer produces about one-third of 1% of the world oil supply. Accusing them of “colluding” with OPEC+ is quite a stretch. Nothing Pioneer says or does, (double oil production? eliminate it entirely?) would appreciably impact oil prices.
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Oh, the article you linked is a follow-up to a previous Reuters article titled (ahem) “Drivers” sue US shale oil producers over alleged price-fixing scheme. Yeah, that’s right “drivers.” LMAO Yeah, let’s pretend to be stupid and pretend we don’t recognize obvious propaganda when we read it. https://www.reuters.com/legal/litigation/drivers-sue-us-shale-oil-producers-over-alleged-price-fixing-scheme-2024-01-16/
