Schumer Calls on FTC to Investigate Wave of Oil Company Mergers

Senate Majority Leader Chuck Schumer called on the Federal Trade Commission to open a full investigation into a wave of acquisitions in the oil and gas industry, arguing that the consolidation threatens competition and could lead to higher prices.

In a letter Wednesday signed by 50 lawmakers, Schumer said the FTC should expand and enhance existing investigations — including ones into Exxon Mobil Corp.’s $60 billion buyout of Pioneer Natural Resources Co., and Chevron Corp.’s $53 billion acquisition of Hess Corp. — while taking into account that more consolidation is likely to occur.