Big oil companies defeat US consumer lawsuit over production, prices

(Reuters) - Several oil companies including Exxon Mobil (NYSE:XOM ) and Chevron (NYSE:CVX ) on Monday defeated an appeal by consumers who accused them of colluding with former President Donald Trump's administration, Russia and Saudi Arabia to cut oil production, boosting prices at the pump.

The 9th U.S. Circuit Court of Appeals in San Francisco said the consumers' claims were largely barred because they addressed political questions, and sought to litigate the oil-producing policies of foreign countries.



It also found a lack of proof that the oil companies violated antitrust law by conspiring to raise prices.

Other defendants included Devon Energy (NYSE:DVN ), Energy Transfer (NYSE:ET ) LP, Occidental Petroleum (NYSE:OXY ), Phillips 66 (NYSE:PSX ), Continental Resources (NYSE:CLR ), Hilcorp Energy and the American Petroleum Institute.

Source: Investing.com