WASHINGTON (AP) — Senate Majority Leader Chuck Schumer and 22 other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump.
“These deals are likely to harm competition, risking increased consumer prices and reduced output throughout the United States,'' the senators wrote.
Chevron, Exxon and other oil companies have announced huge profits from strong energy prices and demand since Russia’s invasion of Ukraine in February 2022.
Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits.
Environmental groups hailed the call for an investigation of what some called “merger mania” within the oil industry that threatens competition.
Persons:
Chuck Schumer, Exxon's, Chevron’s, Minnesota Sen, Amy Klobuchar, Elizabeth Warren of Massachusetts, Bernie Sanders, Chevron, Hess, Lukas Ross, ”, ” API's Bethany Williams, Schumer
Organizations:
WASHINGTON, ExxonMobil, Chevron, Federal Trade Commission, Natural Resources, Hess Corp, Exxon, FTC, Resources, Big Oil, American Petroleum Institute, Senate Commerce, Science, Transportation
Locations:
United States, Minnesota, Sens, Vermont, Ukraine, Texas, U.S, New York