Schumer, Senate Democrats Urge FTC Investigation of Exxon and Chevron's $113 Billion Mergers

Senators worry that Exxon's $60 billion acquisition of Pioneer Natural Resources and Chevron's $53 billion acquisition of Hess Corp could lead to higher gas prices, suppress wages and pose antitrust issues.

Senate Majority Leader Chuck Schumer and 22 other Democratic senators are calling on the Federal Trade Commission (FTC) to investigate ExxonMobil's proposed $60 billion acquisition of Pioneer Natural Resources and Chevron's proposed $53 billion purchase of Hess Corp.
The senators express concern that these mergers, two of the largest oil and gas deals of the century, could lead to higher consumer prices, reduced output, hurt smaller firms and suppress wages.
In their letter, the senators argue that these deals could further consolidate power within the oil industry and potentially harm the push towards action on climate change.
Exxon and Chevron responded to the accusations stating that these mergers would only account for about 5% of U.S. oil production and would actually benefit the economy and the environment.
This call for investigation follows continuous profit gain by Exxon and Chevron amid high energy prices and demand that arose from Russia's invasion of Ukraine.