Race Day Live Oklahoma has filed another lawsuit against major natural gas companies related to the price spike during Winter Storm Uri in 2021.
This is the third lawsuit regarding the dramatic increase in natural gas prices during the storm.
The lawsuit, filed in Osage County, claims that companies like BP, Chevron, Symmetry Energy Solutions, and Constellation acted unlawfully by using their market power to drive up prices.
The lawsuit highlights the fact that these companies were aware of the approaching storm well in advance—more than a month before it hit.
The document states that these companies, who sell natural gas on a trading platform, should have adjusted prices before the storm, considering the increased demand for natural gas.
The companies knew the storm would bring below-freezing temperatures, which would raise the demand for heating.
On February 11, 2021, the price of natural gas was just under $9. However, after Oklahoma declared a state of emergency the following day, the prices jumped dramatically.
By February 18, 2021, the price had peaked at around $1,230 per unit. The lawsuit argues that these companies took advantage of their control over the market, causing prices to surge unfairly.
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While the companies involved, including Symmetry Energy Solutions, have yet to comment fully on the lawsuit, they have denied the accusations.
Chevron declined to comment as well. Drummond’s office, representing Oklahoma, has not shared further details either.
The lawsuit also points out that Oklahoma’s legal framework for trading natural gas is not as strict as the laws in neighboring states, which is why the state suffered more from the price hike.
The document claims that, while the gas companies made record profits, the people of Oklahoma are still feeling the financial impact, which will continue for years to come.
The case highlights the ongoing tension over the costs that residents of Oklahoma were forced to bear during one of the most severe winter storms in recent history.
The state is pushing for justice, arguing that these companies should be held accountable for their actions during a time of crisis.
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