Appeals Court Sides with Exxon, Chevron in Price-Fixing Lawsuit

Major oil companies including Exxon Mobil and Chevron have successfully overturned an appeal that accused them of conspiring with former President Donald Trump’s administration, Russia, and Saudi Arabia to reduce oil production and engage in price fixing.

According to Reuters, the 9th U.S. Circuit Court of Appeals in San Francisco ruled on Monday that the claims made by consumers were largely dismissed on the grounds that they involved political issues and sought to challenge the oil production policies of foreign nations. The court found insufficient evidence to support allegations that Exxon, Chevron and the other oil companies engaged in antitrust price-fixing violations.

Read more: Baltimore Sues Major US Shale Oil Producers Over Alleged Price-Fixing Conspiracy

The court’s decision also encompassed other prominent defendants, including Devon Energy, Energy Transfer LP, Occidental Petroleum, Phillips 66, Continental Resources, Hilcorp Energy, and the American Petroleum Institute. This ruling marks a significant moment in ongoing litigation surrounding the oil industry and its practices.

In other price-fixing news, an electrical contractor launched a price-fixing antitrust lawsuit in the United States, accusing several major PVC pipe manufacturers, including Westlake and Atkore, of conspiring to overcharge municipal and commercial buyers.

Related: PVC Pipe Makers Accused of Price-Fixing in Federal Antitrust Lawsuit

Source: Reuters