In Monster Oil Mergers, Senators are Right to Worry Over Harm to Consumers
Big Oil’s spooky plan to resurrect ghost of Standard Oil monopoly threatens American consumers
WASHINGTON, D.C. — In a letter to the Chair of the Federal Trade Commission Chair Lina Khan released today, 23 U.S. Senators expressed their deep concerns over two Big Oil mergers that could upend market protections for consumers. ExxonMobil’s acquisition of Pioneer Natural Resources and Chevron’s takeover of Hess Corporation would be two of the largest oil-and-gas deals of the 21st Century, harming competition,suppressing wages for workers, and consolidating economic and political control for Big Oil lobbying to stop action on climate change.
In response to the letter, Tyson Slocum, director of Public Citizen’s Energy Program, issued the following statement:
“Allowing Big Oil to become Monster Oil will increase consumers’ pain at the pump and consolidate their political grip over Capitol Hill to stop action on climate change.
“It’s a bad Halloween joke to allow ExxonMobil and Chevron to revive Standard Oil from the grave. Doing so would result in a veritable horror movie of vertically integrated oil and gas monsters that control every aspect of the petroleum industry — from drilling to pipelines to refineries to export terminals.The Federal Trade Commission must investigate anticompetitive attempts by Big Oil to consolidate the fossil fuel industry.”
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