Senate Majority Leader Chuck Schumer has urged an antitrust probe of the planned acquisitions.
It calls them "likely to harm competition" and risk higher consumer prices, among many criticisms.Last month, Exxon shocked the industry with a deal to acquire Pioneer Natural Resources for $53 billion; ChevronThe Democrats' request also serves as a wider broadside against the sector — and one Schumer ensured landed in reporters' inboxes.
It claims the deals would further boost the oil majors' "outsized political power, further enabling them to spend millions on lobbyists to thwart climate legislation."The other side: Exxon stressed that even combined with Pioneer it's only about 5% of U.S. production, and said the deal bolsters U.S. energy security.
It's "nothing but upside for our economy and our environment given that ExxonMobil has the resources to get more out of the ground and do it at vastly improved emissions levels," their statement reads.How the FTC will weigh the deals, and whether Capitol Hill Democrats schedule any hearings about them to continue their new offensive.Share on linkedin
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