Duckworth Joins Schumer, Colleagues in Letter Demanding FTC Investigate Massive Mergers for Anticompetitive Harms
WASHINGTON, D.C. – U.S. Senator Tammy Duckworth (D-IL) joined Majority Leader Chuck Schumer (D-NY) and 21 Senate Democrats today in calling on Federal Trade Commission (FTC) Chair Lina Khan, urging FTC to investigate two newly-proposed mergers by the two largest oil companies in the United States. In the letter, the Senators also are urging FTC to oppose the mergers proposed by ExxonMobil and Chevron if any anticompetitive harms are discovered. ExxonMobil’s proposed $60 billion acquisition of Pioneer Natural Resources and Chevron’s proposed $53 billion acquisition of Hess Corporation are two of the largest petroleum deals in American history. These proposed acquisitions could be disastrous for American consumers–greatly reducing competition and driving up gas prices at the pump. “Exxon’s and Chevron’s operations downstream would enable them to redirect Pioneer’s and Hess’s crude supply to themselves, away from (and possibly to th