Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today released the following statement on the Federal Trade Commission (FTC) launching an investigation into Exxon’s proposed merger with Pioneer. In November, Leader Schumer led a letter with 22 Democratic Senators urging the FTC to investigate mergers in the oil industry for harmful, anticompetitive effects:
“Last Month, I and 22 other senators urged the FTC to investigate Exxon’s $60 billion proposed blockbuster merger with Pioneer. And today – they heeded my warning. Americans care a great deal about gas prices and if this merger were to go through it would most certainly raise gas prices for families across the country.
“This merger has all the hallmarks of harmful, anticompetitive effects. The FTC is right to investigate this merger to see if it would lead to higher gas prices or less competition.
“I look forward to following this investigation closely, and will encourage the FTC to block the deal if they find any antitrust laws are being violated.”