Chesapeake, Encana face criminal antitrust charges in Michigan

[Eugene]

Source: Reuters

Chesapeake, Encana face criminal antitrust charges in Michigan

BY JOSHUA SCHNEYER, BRIAN GROW AND ANNA DRIVER
Wed Mar 5, 2014 8:46pm EST

(Reuters) - Oil and gas giants Chesapeake Energy and Encana Corp were charged on Wednesday with colluding to keep oil and gas lease prices artificially low in Michigan, state Attorney General Bill Schuette said.

The criminal charges follow a lengthy investigation by Schuette's office into whether the firms -- the biggest land leasers during a speculative oil and gas leasing boom in Michigan's Collingwood Shale region during 2010 -- colluded to keep prices from rising as they acquired land leases from landowners.

Michigan began looking into the companies' activities in 2012 after a Reuters investigation found that executives from the two firms discussed proposals to divide bidding responsibilities in the state for nine private landowners and counties in Michigan.

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The companies are being charged with one count each of antitrust violations "relating to a contract or conspiracy in restraint of commerce," and one count each of attempted antitrust violations.

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Read more: http://www.reuters.com/article/2014/03/06/us-michigan-oil-charges-idUSBREA242GO20140306

[loudsue]

1. They need to be charged with RICO, too, if the truth be known.

The oil/gas industry is legalized mafia anyway. Every time they have to buy a new politician or election, prices rise for a couple of weeks. They are so fucking transparent.