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Schumer and Khanna Urge FTC to Investigate Oil Industry Consolidation Amid Ongoing Megamerger Scrutiny

Senate Majority Leader Chuck Schumer and California Democratic Rep. Ro Khanna are circulating a letter for signatures urging the Federal Trade Commission (FTC) to investigate the pattern of consolidation in the oil industry. The FTC is already investigating megamergers announced last year between Chevron and Hess, Exxon Mobil and Pioneer, and Occidental Petroleum and CrownRock. Schumer and Khanna argue that the FTC should consider each transaction in a broader “anticompetitive pattern” developing as Big Oil corporations compete to consolidate the Permian Basin and other key American oilfields.

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