(Reuters) – U.S. Senate Majority Leader Chuck Schumer on Sunday called on the Federal Trade Commission to “enjoy relief” in Chevron Corp’s proposed $53 billion acquisition of Hess Corp.
“The FTC should stand with consumers and move forward on this deal,” Schumer said in a post on social media platform X, adding that the deal would give big oil companies more leverage to raise gas prices.
In October last year, Chevron agreed to buy Hess for $53 billion in stock to gain a larger oil footprint in the US and a stake in rival Exxon Mobil’s huge discoveries in Guyana.
Schumer has also previously called for greater scrutiny of mega oil mergers when he, along with 22 other Democratic senators, wrote to the FTC in November last year, saying that multibillion-dollar acquisitions by oil and gas giants Exxon and Chevron could lead to higher prices. higher for consumers. .
Chevron and Hess did not immediately respond to a Reuters request for comment.
(Reporting by Kanjyik Ghosh; Editing by Stephen Coates)
