Oklahoma AG Announces Investigation Into Possible Energy Market Manipulation

The Oklahoma attorney general announced Tuesday a plan to look into potential legal action regarding the impact of a 2021 winter storm.

The plan is to work with outside counsel to find out who's to blame for energy price manipulation in the wake of the mid-February 2021 winter storm that combined copious amounts of snowfall with frigid temperatures that resulted in widespread power outages across the state.

"It is important to understand that our oil and gas industry is not to blame," Attorney General Gentner Drummond said at the press conference.

However, in that same press release, "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."

Drummond said he expects many law firms to apply to help with the investigation, a process that will take 10 days. He also said any lawsuit coming from the investigation will be significant.

"This will be a very expensive and challenging lawsuit," Drummond said.

Related: Oklahomans Paying For 2021 Winter Storm For Decades

The storm caused record-breaking cold across the entire state and led to a utility rate hike that will continue for decades. According to the press release from Drummond's office, the storm was responsible for more than $200 billion in damages.