Chuck Schumer Urges U.S. FTC Probe of Chevron and Exxon Mega-Deals

Senate Majority Leader Chuck Schumer is urging the US Federal Trade Commission to look into whether Exxon Mobil Corp. and Chevron Corp.’s proposed oil and gas acquisitions could violate antitrust laws.

Schumer in a letter on Wednesday said Exxon’s proposed $60 billion acquisition of Pioneer Natural Resources Co. and Chevron’s proposed $53 billion acquisition of Hess Corp. — two of the largest oil and gas deals of this century — are “likely to harm competition.”

“Should the FTC determine that these mergers would violate antitrust law, we urge you to oppose them,” Schumer wrote in the letter to FTC Chair Lina Khan. Other Democrats who signed the letter include Richard Blumenthal of Connecticut, Cory Booker of New Jersey, Tammy Duckworth of Illinois, John Fetterman of Pennsylvania and Amy Klobuchar of Minnesota.

Read the source article at Yahoo Finance