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Schumer and Senate Democrats Demand Federal Probe of Exxon and Chevron's Massive Oil Deals

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Schumer and Senate Democrats Call for Federal Probe of Exxon and Chevron's Massive Oil Deals

Senate Majority Leader Chuck Schumer and 22 other Democratic senators are urging federal regulators to investigate the multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron. The lawmakers argue that Exxon's proposed $60 billion acquisition of Pioneer Natural Resources and Chevron's proposed $53 billion purchase of Hess Corp. could potentially violate antitrust laws and lead to higher gas prices.

Concerns over Competition and Consumer Impact

The senators express concerns that these deals could harm competition, resulting in increased consumer prices and reduced output across the United States. They also highlight the potential negative effects on small operators and wages. The senators argue that the Federal Trade Commission (FTC) should carefully consider the impact of these vertically integrated operations on American competition, despite the global market for oil and gas.

Support for Investigation and Environmental Impact

Environmental groups welcome the call for an investigation, as they view the consolidation within the oil industry as a threat to both the climate and democracy. They argue that these mergers would further enhance the political power of Exxon and Chevron, potentially locking in more planet-warming greenhouse gas emissions. The FTC is urged to take action to address these concerns.
Previous Efforts and Pending Legislation
Schumer and other Democrats have previously targeted the oil industry, seeking increased authority for the FTC to crack down on price gouging. While previous attempts were unsuccessful, there is a pending bill before the Senate Commerce, Science, and Transportation Committee to address concerns about price gouging and provide the FTC with more tools to monitor markets and enforce penalties. In conclusion, Schumer and Senate Democrats' call for a federal probe of Exxon and Chevron's massive oil deals reflects concerns over competition, consumer impact, and environmental considerations. The outcome of this investigation could have significant implications for the oil industry and its influence on the market.

Implications of a Federal Probe into Exxon and Chevron's Oil Deals for New Businesses

The call by Senate Majority Leader Chuck Schumer and other Democratic senators for a federal investigation into ExxonMobil and Chevron's massive oil deals could have far-reaching implications for new businesses, particularly those in the energy sector. The senators' concerns over potential violations of antitrust laws and the potential for higher gas prices highlight the need for businesses to closely monitor their competitive practices and pricing strategies. The senators' emphasis on the potential negative effects on small operators and wages serves as a reminder for new businesses of the importance of fair competition and wage practices. Furthermore, the senators' call for the Federal Trade Commission to consider the impact of these deals on American competition underscores the need for businesses to consider the broader implications of their operations. The support from environmental groups for the investigation and their concerns about the potential environmental impact of these mergers highlight the increasing importance of environmental considerations in business decisions. This serves as a reminder for new businesses of the need to incorporate sustainable practices into their operations. In conclusion, the call for a federal probe into Exxon and Chevron's massive oil deals could have significant implications for new businesses, underscoring the importance of fair competition, wage practices, and environmental considerations.
Story First Published at: https://financialpost.com/pmn/business-pmn/schumer-and-other-senate-democrats-call-for-a-federal-probe-of-huge-oil-deals-by-exxon-and-chevron
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