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Chuck Schumer and Elizabeth Warren want FTC to probe blockbuster Exxon and Chevron mergers

today 11/01/2023
Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren, and other Democrats are calling for federal regulators to investigate the recent takeovers by ExxonMobil and Chevron. They argue that these deals could harm competition, raise consumer prices, limit US production, hurt smaller companies, and suppress wages. The Democrats are urging the Federal Trade Commission to closely review the deals for potential anticompetitive harm and block the transactions if necessary. They also point out that previous mergers involving Exxon and Chevron have limited the oil supply and harmed consumers. The Democrats express concern that the new Exxon-Pioneer merger would give Exxon too much control over the Permian, the world's most prolific oil field. They also criticize Exxon and Chevron for doubling down on fossil fuels when there is growing support for environmental cleanup efforts. Exxon defends the merger, stating that it represents a positive step for the economy and the environment. Chevron did not provide a comment. The White House supports strong antitrust action and promoting competition across industries.
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