Chuck Schumer is foremost 22 other Democratic senators to press federal regulators to look into multibillion-dollar acquisitions by ExxonMobil and Chevron, indicating the promotions could guide to larger prices at the fuel pump. Oh, come on, guys — when has growing a monopoly ever not benefitted individuals? By way of Connected Press:
In a letter Wednesday to the Federal Trade Fee, the lawmakers reported Exxon’s proposed $sixty billion acquisition of Pioneer Organic Means and Chevron’s proposed $fifty three billion acquire of Hess Corp. are two of the biggest petroleum bargains in U.S. record and could violate antitrust regulation.
“These promotions are very likely to damage competitors, risking elevated customer price ranges and diminished output all over the United States,’’ the senators wrote. The discounts threaten to damage compact operators and suppress wages, they added.
The letter is signed by 23 senators, together with Minnesota Sen. Amy Klobuchar, chair of the Judiciary Committee’s antitrust panel, and antitrust hawks this kind of as Sens. Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont.
Can you say “monopoly”? I knew you could! And given that Lina Khan is the head of the FTC, odds are great that they’re going to appear into the deal.
Schumer and other Democrats also specific the oil field final yr, as they produced a failed bid to give the FTC greater authority to crack down on firms that engage in price gouging. Responding to fears about large gasoline costs, Democrats reported the FTC wants more resources, including stiffer fines and penalties and a team of focused industry experts to keep an eye on marketplaces and go right after price gouging.
A monthly bill to crack down on value gouging was not permitted in the last Congress. A related monthly bill is pending in advance of the Senate Commerce, Science and Transportation Committee.