Schumer, Khanna Lead Call For FTC To Fully Investigate Recent Big Oil Consolidations; Members Call For FTC To Open New Investigations, Expand & Enhance Current Investigations, And Protect Competition In The Oil And Gas Industry

Washington, D.C. – Today, Senate Majority Leader Chuck Schumer (D-NY) and Representative Ro Khanna (D-CA) joined with Senators Whitehouse (D-RI), Markey (D-MA) and Klobuchar (D-MN) and Representatives Lee (D-PA) and Ocasio-Cortez (D-NY) to lead 49 Members of Congress in sending a bicameral letter to the Federal Trade Commission (FTC) expressing concern over recent consolidation in the oil and gas industry.

"Contrary to disinformation spread by industry groups, these deals are not about efficiency, international competitiveness, or lowering costs; they are designed to pump more profits out of Americans’ pockets – plain and simple,” the Members add. “Fossil fuel companies have overwhelmingly identified investor pressure as the reason to keep prices high so they can continue to benefit from record profits. Americans are paying the price for Big Oil’s greed and are still struggling to keep up with gas prices higher than pre-pandemic levels.”

In the letter, the Members ask the Federal Trade Commission to consider all harms that past and future mergers present to American consumers. The letter goes on to urge the FTC to oppose any acquisitions it determines to be in violation of antitrust law.

The letter was signed by Senators Baldwin (D-WI), Blumenthal (D-CT), Casey (D-PA), Cortez Masto (D-NV), Durbin (D-IL), Fetterman (D-PA), Hirono (D-HI), King (I-ME), Klobuchar (D-MN), Markey (D-MA), Reed (D-RI), Rosen (D-NV), Sanders (I-VT), Schatz (D-HI), Schumer (D-NY), Smith (D-MN), Warren (D-MA), Welch (D-VT), Whitehouse (D-RI), and Wyden (D-OR); as well as Representatives Balint (D-VT), Bowman (D-NY), Brownley (D- CA), Cleaver (D-MO), Cohen (D- TN), García (D-IL), Garcia (D-CA), Grijalva (D-AZ), Huffman (D-CA), Jackson (D-IL), Jayapal (D-WA), Johnson (D-GA), Khanna (D-CA), Lee (D-PA), Magaziner (D-RI), McCollum (D-MN), McGovern (D-MA), Nadler (D-NY), Norton (D-DC), Ocasio-Cortez (D-NY), Omar (D-MN), Porter (D-CA), Ramirez (D-IL), Raskin (D-MD), Tlaib (D-MI), Schrier (D-WA), Smith (D-WA), Tlaib (D-MI), and Wilson (D-FL).

Organizations endorsing the letter include: Food and Water Watch, Public Citizen, Friends of the Earth, Center for Biological Diversity, Indigenous Environmental Network, Greenpeace USA, Zero Hour, and Sierra Club.

“If a small group of dominant firms is allowed to control this industry, American consumers and industry competition will only suffer. Therefore, we urge the FTC to extend its current investigations, open inquiries into these new deals, and take all appropriate actions to protect competition in this industry” wrote the lawmakers. “Lax enforcement during the last generation, such as allowing Exxon and Mobil to merge, resulted in market manipulation, unstable supply, and price hikes for Americans. We must avoid similar mistakes going forward.”

Read the full letter text HERE 

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