The Federal Trade Commission’s ruling on Exxon-Pioneer deal shines a spotlight on the workings of Opec and industry executivesHalf a century ago a renowned energy analyst called Philip Verleger became embroiled in an antitrust battle as an adviser to American manufacturers that wanted to sue the mighty Opec oil cartel over price fixing.
The FTC is permitting the deal to go ahead, to the huge relief of the industry – and the horror of progressives. But it inserted a startling caveat: Scott Sheffield, the high-profile former Pioneer chief executive who built the shale sector, is barred from the Exxon board after alleged recent collusion with Opec officials to keep oil prices artificially high and thus hurt consumers.‘Every country in Europe right now with a coastline and deep water is going after floating offshore wind.
And while the FTC is reportedly recommending the case to the department of justice it is unclear if it will fly. After all the idea that anyone might be shocked to see oil market price fixing is as ironic as the scene in the movie Casablanca when a police inspector pretends to be “shocked, shocked to find . . . gambling” in a casino. It has long been integral to this world.
Moreover, with an election looming and voters worrying about inflation, Democrats need to find scapegoats for high energy prices. Or, as the Democratic senator Sheldon Whitehouse recently thundered: “The American Big Oil oligopoly has for decades followed the lead of a foreign oil cartel to set high prices for consumers and reap megaprofits while destroying the planet.”
A second is that this saga inadvertently illuminates the shift in the energy map. In decades past Opec’s actions made headlines since the Middle East dominated production and prices. However, these days its behaviour has become far less market-moving or headline-grabbing. That reflects the explosive rise of American shale oil production and renewable energy. Indeed, the market is now so fragmented that prices have been relatively stable in recent months even amid the recent Middle East turmoil.
‘Every country in Europe right now with a coastline and deep water is going after floating offshore wind.’ Except IrelandAlmost 28 years on, Michelle Smith de Bruin’s Olympic splash continues to make waves
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