Tuesday, May 7, 2024

"American oil tycoon accused of trying to conspire with OPEC to inflate prices"


Regulators acknowledged that [the CEO] did not hide his efforts to “align” US production with that of OPEC, pointing to public comments he made urging US rivals to be “disciplined” about production.

“But [the CEO] did not limit himself to public signaling to US counterparts — he has also held repeated, private conversations with high-ranking OPEC representatives assuring them that Pioneer and its Permian Basin rivals were working hard to keep oil output artificially low,” the FTC said.

American Prospect:

The Federal Trade Commission recently uncovered another underlying cause: an orchestrated plot between OPEC and an American fracking tycoon to exploit the inflationary period to push prices even higher. That was arguably even more critical to the overall price-fixing scheme, because the U.S., since the fracking boom of the mid-2010s, is the largest oil producer on Earth, and the “swing” producer with the greatest ability to move prices.

This scheme cost the average American as much as $2,100 a year, according to one estimate.


He’s also been a major heavyweight in Washington for the oil and gas industry across Democratic and Republican administrations. Though mostly a GOP mega-donor, it should come as no surprise that [he] has financed the political careers of Big Oil’s most loyal foot soldiers in Congress regardless of party


the FTC could still push for a criminal case against him for collusion