Members of Congress have expressed concerns over potential anti-competitive actions by major oil companies, including Chevron to Occidental and Exxon, amid a wave of oil and gas mergers. A group of 49 members called on the Federal Trade Commission (FTC) to scrutinize these deals, specifically mentioning the Chesapeake/Southwestern deal. Senator Cortez Masto highlighted the impact of Big Oil's profits on Nevadans and urged the FTC to investigate and block any illegal activities. Similarly, Representative Magaziner emphasized the risk of higher prices and fewer choices for consumers due to limited competition. Additionally, concerns were raised about the weakening of antitrust enforcement following a congressional decision to slash funding to the Department of Justice's Antitrust Division, as criticized by Representative Katie Porter and 28 colleagues.
Weakening antitrust is a giveaway to big corporations. This week, despite concern from 28 colleagues and me, Congress slashed funding to @JusticeATR, which will reduce competition and raise costs for consumers. We need to enforce our laws and stop catering to corporate America. https://t.co/75HLt0Ygtf
Exxon, Chevron, and other Big Oil companies are trying to limit competition – which may lead to higher prices and fewer choices for working people. My colleagues and I are urging @FTC to continue investigations into recent oil and gas mergers and acquisitions. READ: https://t.co/zqnd8jOb2t
From Chevron to Occidental, Oil Mergers Run Into New Challenges https://t.co/AZ1aHemcEb
Big Oil has been raking in billions off the backs of hardworking Nevadans. And now, these companies want to merge so they can make even more with less competition. That's why I'm calling on the @FTC to investigate Big Oil and block any potential illegal anti-competitive actions.
(1/2) Energy Antitrust Agenda: 49 Members of Congress Call on FTC to Scrutinize Oil and Gas Deals; Pull and Refile in Chesapeake/Southwestern Deal...