(The Center Square) - Oklahoma’s attorney general said Tuesday he may take legal action against multiple entities for potential market manipulation during Winter Storm Uri in 2021.
The ice and snow storm caused hundreds of deaths and over $200 billion in damages across the continental U.S.
Gentner Drummond said after a review, that “many companies” took advantage of the storm through market manipulation and “other potentially unlawful conduct.”
“As a result of the careful and diligent review of conduct during Winter Storm Uri, I discovered that several companies reaped billions of dollars at the expense of businesses and individuals who were suffering from the crippling effects of the storm,” Drummond said. “The magnitude of this scheme is staggering and unconscionable. Oklahomans can rest assured that I will do everything in my power as Attorney General to return what was taken and hold accountable those responsible.”
Drummond stopped short of naming any companies or individuals he believed had manipulated the market for financial gain but said he would move forward and begin soliciting proposals from outside law firms to pursue litigation. He added any law firm wishing to submit a proposal could do so through the attorney general’s official website.
“I have been strongly critical of past attorneys general engaged in no-bid, no cap contingency fee arrangements,” said Drummond. “I plan to issue an RFP to seek the most qualified legal counsel that provides the best possible value to my client: the People of Oklahoma.”
Even though the attorney general was not ready to name names, he did not blame the Oklahoma oil and gas industry.
“While we are not yet prepared to name potential defendants, it is important to understand that Oklahoma’s oil and gas industry is not the culprit,” Drummond said. “At the appropriate time, if we determine that litigation is in the best interests of Oklahoma ratepayers, our complaint will detail each company and individual we believe to be responsible. Until then, I want the People of Oklahoma to remain proud of our oil and gas producers, who are vital partners in the prosperity of our State.”
Minnesota’s attorney general said in 2021 that gas companies mismanaged rates during Winter Storm Uri and passed $380 million in increased costs to ratepayers.
via Oklahoma's Center Square News