Majority Leader Schumer Floor Remarks On The FTC Announcing An Investigation Of The Exxon-Pioneer Merger Following His Letter Urging Them To Examine The Proposed Merger’s Anti-Competitive Effects

Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on the FTC announcing an investigation into Exxon’s merger with Pioneer, following his letter imploring them to do so. Below are Senator Schumer’s remarks, which can also be viewed here:

Last month, I wrote a letter along with 22 other of my colleagues urging the FTC to investigate Exxon’s $60 billion blockbuster merger with Pioneer, one of the largest mergers in the energy industry in two decades. Having the largest oil company merge with the largest oil producer in the Permian Basin is going to do one thing: raise prices for the average consumer.

Well, I have good news: the FTC heeded my warning, and announced yesterday that the FTC will closely review Exxon’s proposed acquisition of Pioneer.

It’s welcome news for the American people, because if the merger were to proceed it would result in higher gas prices for families across the country.

Profits for these big oil companies would continue to soar, fueling stock buybacks while everyday Americans struggle to fill up their tanks.

So, this merger between Exxon and Pioneer has all the hallmarks of harmful, anticompetitive effects. I’m glad the FTC is moving forward.

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