Commodities
US Shale Producers Must Face Oil Price-Fixing Allegations
A federal judge in New Mexico has ruled that major US shale producers must face allegations of oil price-fixing, allowing most of the antitrust litigation to proceed.
The plaintiffs accuse eight domestic shale producers and two executives of participating in an agreement to restrain U.S. production and artificially increase prices for crude oil and refined products.
US District Judge Matthew L. Garcia rejected most of the industry's bid to dismiss the case, citing allegations involving market conditions, production decisions, communications, and public statements that support an inference of a domestic agreement to limit US production and raise prices.