Hess Accused of Colluding with OPEC to Inflate Gas Prices
A new class action lawsuit alleges that Hess Corp. worked with OPEC and rival US drillers to keep American oil production low, driving up gas prices for consumers.
The lawsuit claims that Hess executives attended private dinners hosted by OPEC's secretary general at the industry conference CERAWeek, where they allegedly shared confidential drilling plans and price targets.
Oil prices hit nearly $70 a barrel in March 2021 and topped $120 by mid-2022, according to the lawsuit. However, production stayed flat, with combined output growth falling from 63% before the alleged conspiracy to 14% after.
The Federal Trade Commission examined the alleged collusion twice in 2024 while reviewing oil mergers, leading to bans on John Hess from ExxonMobil's board and Chevron's board. A similar case against many of the same producers survived dismissal in New Mexico federal court on August 31, 2026.