Wednesday, July 19, 2023

Drummond may take legal action over market manipulation during 2021 winter storm

Drummond announces potential legal action over alleged market manipulation during Winter Storm Uri

OKLAHOMA CITY (July 18, 2023) – Attorney General Gentner Drummond announced today that he may take legal action against various entities he believes to be responsible for market manipulation and other potentially unlawful conduct related to Winter Storm Uri. Drummond said a review he ordered has found that many companies used the devastating 2021 storm to rake in billions of dollars in ill-gotten gains.

“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 stressed that the Oklahoma oil and gas industry is not to blame.

“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.”

In mid-February of 2021, the ice, snow and record-breaking cold of Uri had a devastating impact across Oklahoma. Before it eventually exited the continental United States, the storm was responsible for hundreds of deaths and more than $200 billion in damages.

Drummond said he plans to solicit proposals from outside law firms to pursue litigation.

“I have been strongly critical of past attorneys general engaged in no-bid, no cap contingency fee arrangements,” Drummond said. “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.”

Drummond said any law firm who may wish to submit a proposal should visit the Attorney General’s official website ( under "Citizen Resources."


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