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

[boilermaker55]

Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.


The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.
Now let us wonder who is actually the cause of high gas prices!
Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.
Those remarkable ultra-rich American business people with the USA in mind. Laughable isn't it.

 

[DudleySmith]

So what's new? All industries run by a handful of companies get together to fix prices and wages all the time, always have. No news here. They get fined the equivalent of 2 or 3 cents and do no time for felony fraud running into the billions of dollars. Obama and Bush bailed them out with a few trillion in 2008. Biden is handing over a few trill more with no accountability or benefit, and the GOP snivels for more big giant tax breaks for them.

Just business as usual.

 

[Edgetho]

Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.


The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.
Now let us wonder who is actually the cause of high gas prices!
Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.
Those remarkable ultra-rich American business people with the USA in mind. Laughable isn't it.

Wonderful!

What did he do wrong?

 

[BlindBoo]

Not surprising. Colluding to profit off the backs of the average American worker is part and parcel of the super rich and Neo-GOP hierarchy.

Drill baby drill, (and collude with foreign oil producers to **** Americans)

 

[White 6]

Not surprising. Colluding to profit off the backs of the average American worker is part and parcel of the super rich and Neo-GOP hierarchy.

Drill baby drill, (and collude with foreign oil producers to **** Americans)

Sounds like the Sheffield plan, to me. If they prove it, they should hit his wealth, pretty heavy.

 

[luiza]

The only thing I can never understand is how and why such budding moguls are apparently incapable of hiding their personal footprint and involvement .

So often it looks Freudian in hindsight --- they seem to unconsciously want to be caught .

Leaving a single incriminating text message is inexcusable. But allegedly leaving hundreds is like making a slow suicide attempt .

 

[boilermaker55]

Rational people know how you would find this just nothing to worry over.
Six months after leaving the White House, Jared Kushner secured a $2 billion investment from a fund led by the Saudi crown prince, a close ally during the Trump administration, despite objections from the fund’s advisers about the merits of the deal.
Another wonderful maga-turd acceptance.

Wonderful!

What did he do wrong?

 

[Edgetho]

Rational people know how you would find this just nothing to worry over.
Six months after leaving the White House, Jared Kushner secured a $2 billion investment from a fund led by the Saudi crown prince, a close ally during the Trump administration, despite objections from the fund’s advisers about the merits of the deal.
Another wonderful maga-turd acceptance.

What did he do wrong, dickbreath?

If you're going to bring up grade-school, neener-neener, cat's-got-your-weiner, juvenile bullshit, you should at least tell us what he did wrong.

You don't have a clue, do you? ******* imbecile. You just run with whatever the DISGUSTING FILTH tells you to believe and worry about accuracy later. Actually, not at all.

Moron

 

[boilermaker55]

When you give out your juvenile shit, expect to get it back sperm-burper!
When you get some intelligence come and try to talk to us, simple-minded ,P01135809, ass-licker.

What did he do wrong, dickbreath?

If you're going to bring up grade-school, neener-neener, cat's-got-your-weiner, juvenile bullshit, you should at least tell us what he did wrong.

You don't have a clue, do you? ******* imbecile. You just run with whatever the DISGUSTING FILTH tells you to believe and worry about accuracy later. Actually, not at all.

Moron

 

[Edgetho]

When you give out your juvenile shit, expect to get it back sperm-burper!
When you get some intelligence come and try to talk to us, simple-minded ,P01135809, ass-licker.

YOU'RE THE ONE THAT MADE THE ACCUSATION!!

Now, tell us all what a bad boy Jared is and then go play with the other little children in the yard.

You're a ******* joke

 

[boilermaker55]

Take heed in your own words little boy

YOU'RE THE ONE THAT MADE THE ACCUSATION!!

Now, tell us all what a bad boy Jared is and then go play with the other little children in the yard.

You're a ******* joke

 

[surada]

Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.


The Federal Trade Commission said Sheffield, then CEO of Pioneer Natural Resources, exchanged hundreds of text messages discussing pricing, production and oil market dynamics with officials at the Organization of the Petroleum Exporting Countries, or OPEC, the oil cartel led by Saudi Arabia.
Now let us wonder who is actually the cause of high gas prices!
Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.
Those remarkable ultra-rich American business people with the USA in mind. Laughable isn't it.

ExxonMobil bought Pioneer Natural Resources. Don't you know about OPEC? We had the Texas Railroad Commission controlling production and imports prior to OPEC.

 

[surada]

FTC Order Bans Former Pioneer CEO from Exxon Board Seat in Exxon-Pioneer Deal

The Federal Trade Commission took action to resolve antitrust concerns surrounding Exxon Mobil Corporation’s (Exxon) $64.5 billion acquisition of oil producer Pioneer Natural Resources by approving

www.ftc.gov

 

[initforme]

An investigation seems prudent

 

[surada]

An investigation seems prudent

ExxonMobil refused him a seat on the board.

 

[boilermaker55]

Know about OPEC! Let's keep it here for right now then.............................................
"The investigation had been launched in October of 1987 by the Senate Select Committee on Indian Affairs after a series of articles in the Arizona Republic alleged that big oil companies were stealing oil from Native Americans who owned oil wells. When the companies picked up crude oil from wells to take it to market, they falsified receipts to make it look like had picked up less oil than they really did, or that the oil was of a lower quality than it really was. The Senate hired prosecutor Ken Ballen to lead the investigation. He quickly sent out subpoenas and started building a case that not only would go on to last years but would also transform U.S. politics."

https://www.politico.com/magazine/story/2019/07/22/kochland-excerpt-senate-investigation-oil-theft-native-american-tribes-227412/

"Charles and David Koch, commonly known as the Koch brothers before the latter died in 2019, were no different. Throughout the 1990s, the Kochs made billions off of the Osage people, illegally skimming money from the tribe's small oil claims"
A federal judge last week approved a $25 million settlement against Koch Industries for theft of oil from federal and Indian lands.


The suit was brought by Bill Koch against the company run by his brother Charles Koch. About 44 percent of the leases a jury found the company underpaid were owned by the Osage Nation, whose Chairman Charles Tillman supported Charles.

ExxonMobil bought Pioneer Natural Resources. Don't you know about OPEC? We had the Texas Railroad Commission controlling production and imports prior to OPEC.

 

[surada]

When Koch Industries completed its audit, the company returned to Tillman with surprising news: Koch Industries had not been stealing oil. In fact, the company found that it been over-paying the tribe. The audit showed that the tribe actually owed Koch Industries about $22,000. Koch’s interpretation was backed up by federal authorities at the Bureau of Indian Affairs, Tillman said. He didn’t feel like the tribe could question it.

Snip


When Koch Industries completed its audit, the company returned to Tillman with surprising news: Koch Industries had not been stealing oil. In fact, the company found that it been over-paying the tribe. The audit showed that the tribe actually owed Koch Industries about $22,000. Koch’s interpretation was backed up by federal authorities at the Bureau of Indian Affairs, Tillman said. He didn’t feel like the tribe could question it.
The jury found Koch Industries guilty of stealing oil between 1981 and 1985 from federal land and Indian reservations, and of falsifying roughly 25,000 documents in order to underreport how much oil the company was taking.

The fines for Koch Industries could have been enormous. The judge could have levied a $214 million fine just for falsifying the oil sale receipts. But the company’s lawyers were able to settle the case before it went to the penalty phase, paying an undisclosed amount.