The Federal Trade Commission (FTC) has accused former Pioneer Natural Resources CEO Scott Sheffield of attempting to collude with OPEC to manipulate oil prices, as evidenced by text messages obtained by the government. The FTC's allegations suggest Sheffield engaged in discussions with OPEC officials to curtail oil production, aiming to keep output low and inflate prices. This has led to a potentially criminal case against Sheffield, with implications for the oil industry as Pioneer faces a major acquisition by Exxon valued at $65 billion. The collusion is blamed for a $3,000 cost to the average family and contributed to a 27% increase in inflation in 2021, raising questions about the influence individual U.S. oil executives can have on global oil prices.
An Oil Price-Fixing Conspiracy Caused 27% of All Inflation Increases in 2021 | Matt Stoller Yesterday, the Federal Trade Commission released evidence confirming that collusion played a serious role in hiking oil prices at that time. Pioneer Natural Resources CEO Scott Sheffield,ā¦
Sheffield [CEO of Pioneer, a major fracking oil company] used his influence "to align oil production across the Permian Basin in West Texas and New Mexico with OPEC+," the FTC claimed. https://t.co/4wj6LllIWr
FTC Sparks Debate: Can One Texas Oilman Move the Price of Crude? https://t.co/DFXAprAoCa
Exxon to take 18-24 months to hit full stride with Pioneer purchase #oott https://t.co/cX4d5LTkIs
Exxon to take up to two years to hit stride with Pioneer purchase #oott https://t.co/cX4d5LTkIs
Collusion between a U.S. fossil fuel company and OPEC cost the average family $3,000 last year. Exxon is trying to buy the company at the center of the conspiracy to raise gas prices, Pioneer, for $65 billion. Meanwhile the former CEO of Pioneer could face criminal charges.
Occidental explores sale of Permian assets worth over $1 billion, sources say #oott https://t.co/moprzOfF5s
US regulatorās Opec collusion claim sets off tremor in oil patch as Exxon closes its megadeal with Pioneer @mylesmccormick_ https://t.co/TCvn24ipdH via @ft
American oil tycoon Scott Sheffield has been accused by US regulators of trying to conspire with OPEC to inflate prices. https://t.co/MSHNEHF4OZ via @CNNBusiness
FTC going after the Pioneer founder as if he is a Bond villain who controls (or could even hope to influence) the price of the worldās largest commodity is bizarre. Via ā¦@businessā© https://t.co/rFeBqBl5Xz
šØ The Federal Trade Commission plans to recommend a potentially criminal case against the former CEO of Pioneer Natural Resources for comments he made to Texas rivals suggesting they coordinate ways to drill less oil, people familiar with the matter said.
US regulatorās Opec collusion claim sets off tremor in oil patch https://t.co/2XyUc65yPH
ā.. n text messages obtained by the government, Sheffield discussed ways to curtail production and assured officials at OPEC+ .. that Pioneer and its Texas rivals were trying to keep oil output artificially low.ā ā¦@semaforā© $PXD https://t.co/3VqUYtg7vz
The FTC's allegations that a shale trailblazer tried to collude with OPEC to prop up crude prices is unnerving US oil executives pursuing more than $100 billion in deals https://t.co/Paio96iMFr
Pioneer reports lower profit ahead of its takeover by Exxon #oott https://t.co/4tWeOW5C9S
US antitrust regulators for the first time took action against a leading US oil executive over his alleged "collusion" with Opec, but the producers' alliance itself was not a target of investigation. #oott https://t.co/1DS5gx0w12
US oil executive censure puts spotlight on shale-OPEC meetings https://t.co/uz3brp3Wgo https://t.co/Suw0wryiKI
"The FTC's complaint reflects a fundamental misunderstanding of the U.S. and global oil markets and misreads the nature and intent of Mr. Sheffieldās actions," the company said, defending its former chief as "a leading and internationally respected industry authority." #oott https://t.co/YBSDEZZWWR
FTC says Texas oil exec sought to work with OPEC to boost prices https://t.co/8KwXXdrsZe
The FTC just found evidence that American oil companies colluded with one another and with OPEC to raise the price of gas. These corporations conspired to keep production low in order to keep prices high.
FTC plans to recommend a possible criminal case against ex-Pioneer CEO #oott https://t.co/r1Qcx0Ondn
š” SCOOP: The FTC plans to privately recommend a potentially criminal case against Pioneer's former CEO for comments he made to Texas rivals suggesting they coordinate ways to drill less oil, @lizrhoffman and @GinaChon report. https://t.co/9LVOBwURua
FULL DOCUMENT: The @FTC complaint against Scott Sheffield of Pioneer Natural Resources, alleging that he tried to coordinate with the OPEC+ oil cartel (largely at the time of the Covid-19 pandemic and negative oil prices) #OOTT Link: https://t.co/YY9kYEhC4i
Former Pioneer Natural Resources Chief Executive Scott Sheffield attempted to collude with OPEC representatives to coordinate production and raise oil prices, U.S. antitrust enforcers said https://t.co/d3oohol1gu https://t.co/d3oohol1gu