The Federal Trade Commission should “pump the breaks” on Chevron Corp., opening a new tab for the proposed $53 billion acquisition of Hess Corp., according to U.S. Senate Majority Leader Chuck Schumer, who made this request on Sunday.
In a post on social media site X, Schumer stated, “The FTC should side with consumers and pump the breaks on this deal,” adding that the agreement will allow oil giants more power to boost gas prices.
Chevron decided to purchase Hess for $53 billion in shares in October of last year in order to increase its presence in the US oil market and acquire a portion of competitor Exxon Mobil’s enormous finds in Guyana.
In a letter to the FTC in November of last year, Schumer and 22 other Democratic senators expressed concern that the multibillion-dollar purchases of Exxon and Chevron by the oil and gas giants could result in higher pricing for consumers. This is not the first time Schumer has advocated for increased examination of major oil mergers.
A request for comment from Reuters was not immediately answered by Chevron or Hess.
