"Senate Majority Leader Chuck Schumer (D-N.Y.) and 22 other Democratic senators sent a letter to Federal Trade Commission (FTC) Chair Lina Khan on Wednesday demanding an investigation of two major proposed oil industry mergers and warning that the consolidations could hurt consumers.
Schumer and his colleagues want the FTC to investigate ExxonMobil’s proposed $60 billion acquisition of Pioneer Natural Resources, and Chevron’s proposed $53 billion acquisition of Hess Corporation.
“By allowing Exxon and Chevron to further integrate their extensive operations into important oil-and-gas fields, these deals are likely to harm competition, risking increased consumer prices and reduced output throughout the United States,” they wrote.
They called on the FTC to consider various anti-competitive harms and urged the agency to oppose them if they would violate antitrust law."
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