American oil tycoon and Opec accused to conspire to inflat oil prices

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

New York CNN —
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, who might be to blame for the price of oil.....World Wide?
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.
All those trustworthy ultra-rich business people looking out for the interests of the USA.
How laughable.

 

This is absolutely unsurprising. Greed seems to always rule the day and in the case of oil, the world.

 

Here is the LINK that you left out of the OP:
https://www.cnn.com/2024/05/02/energy/oil-ceo-opec-scott-sheffield/index.html
You still have time to *edit* the OP....
You're welcome....

 

Didn’t someone else collude with / threaten OPEC to reduce production? I think his name was individual 1.

 

Well yeah....El Saud is the extended family bank. Even Mnuchin managed to score and he's not even family.....yet! Maybe he had to kick up however .

 

so it failed?

 

Did he? Or is that sarcasm? Hard to tell in a written medium.

If he did, got a link?

 

https://www.reuters.com/article/idUSKBN22C1V3/

 

My local gas pumps indicate that their plan worked quite well for them. What are yours saying?

This is nothing new. Big Oil here at home have been conspiring with OPEC, and probably others like Venezuela, to fix prices for decades. They only caught these guys because they were addicted to the convenience of modern communication devices.

 

Thank you. I like Reuters, it's about as unbiased as they come.

 

Not surprised with this. Goes to show that the notion that oil companies will drill for oil just to lower prices.

 

Stop buying foreign oil and supply our selves..

Can the U.S. supply itself with oil and gas..

Could the U.S. run out of oil?

Jobs, secure pricing and problem solved.

 

65% of Trump’s increase in production was exported to foreign refineries

65% of Biden’s increase in production was exported to foreign refineries

Type of crude oil that was exported to foreign refineries; Light and Ultra light

MAIN REASON WHY?

That’s because a long time ago, our refineries were mainly configured to process Heavy crude.

Question; Why don’t we just reconfigure our refineries to mainly process light and ultra light crude, which would significantly reduce our imports?

Analogy; Would anyone spend time and money to convert their diesel-powered truck to gasoline?

Answer; Absolutely not, better off buying a new vehicle, and reference to our refineries, they don’t have the capital budget to built a refinery.

 

This guy is a "job creator", and, therefore, a saint in MAGA world. Maybe, with another tax cut, he'll have more incentive lowering prices instead of conspiring to raise them. Oh, wait....

It's much easier to scream: Biden did this.

 

American oil companies love OPEC I'm sure. I couldn't say whether they collude with OPEC or not, but since OPEC wants a higher price of oil, I'm sure they aren't complaining.

 

Not my point.. Domestic production can be regulated.

 

Well, gas at the pump is sold at world prices, so until that changes, domestic or foreign, only a glut will lower the price. North American oil is expensive to extract and refine, so, only profitable at certain prices. Russia too. Cheapest crude extraction and production is El Saud and the rest of the ME. If they glut, crude prices will go down. I'm holding my breath

What are the names of oil producing nations that messed with that "order" and where are they now?¿

 

Our domestic production is regulated, thus, what are you proposing?

 

Yeap pretty bad that this dude, Trump can get a meeting. Biden tries to meet and they laugh at him like the last time he went to "demand more production".

 

Here’s what’s ironic;

Pioneer only drills on Texas state land, and private land, mainly Permian basin, thus, Biden’s federal land policies haven’t affected them, nor other Texan-based oil producers.

However, In the last 3 years, New Mexico’s FEDERAL LAND/Permian production has surpassed Texas Permian production, and overall production.

Thus, WTF?

New Mexico crude oil production

Feb 2021; 2.73 million barrels per day
Feb 2024; 5.74 million barrels per day

Texas crude oil production

Feb 2021; 3.70million barrels per day
Feb 2024; 5.74 million barrels per day

Source; EIA

However, I’m not a MAGA, thus, here’s the honest truth; That’s because Permian’s Federal Land wells, both oil and gas, are the gushers.

 

Funny way of saying “you don’t care” that trump was responsible for fuel prices when all the right was screaming about them — and will continue to blame Biden.

Not that anyone will be surprised

Carry on

 

Funny way of saying your dig was ridiculous and if you really want to get down to the matter, one of the presidents main jobs is to protect american resources and manage oil production to keep energy prices down. Biden and his end fossil fuel BS caught up to him when he went to the Saudi's to increase production because he had helped slow American production. Saudi said f'off, literally to the American President forcing him to empty out Strategic reserves to take pressure off those prices. Now we sit here with little reserves, high price and a President that OPEC won't even bother with and you want to bag on Trump because you're a partisan and reality is only what you think it is.

 

trump literally worked with a hostile nation to cause supply to plummet and then SA made a fortune when demand increased. And then y’all tried to blame Biden

Since Biden was elected we are not producing more oil and energy than at any other point in our history, we are producing more than any other nation on the planet.

But sure, praise dear leader for colluding with OPEC and not even beginning to consider what would happen as a result of those actions. But if y’all had the capacity of forward thought then no one would refer to your team as regressives.

 

Is that the same FTC that ignored all the facts reported to it about Bernie Madoff until it was too late? Same with FTX and the young man a few years ago?

 

Isn't that what stressed? We'd be better off using domestic crude..