WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) joined an effort demanding that the Chair of the Federal Trade Commission, Lina Khan, protect consumers by investigating and cracking down on Big Oil mergers that greatly reduce competition and drive up gas prices at the pump. ExxonMobil’s proposed $60 billion acquisition of Pioneer Natural Resources and Chevron’s proposed $53 billion acquisition of Hess Corporation would be two of the biggest petroleum deals of the 21st century and could be detrimental to consumers.
- ExxonMobil plans to buy Pioneer Natural Resources for $60 billion. Chevron wants to spend $53 billion to acquire Hess Corporation. Why should most of us (who aren’t stockholders) care?
- Senator Jacky Rosen says we should. Big oil swallowing up two smaller independents means less competition and will inevitably lead to higher prices.
- “They buy up all the small independent operators, and then they can charge whatever they want. They’ve been greedy since COVID. Year after year, quarter after quarter, they’ve made record profits on the backs of hard-working Americans, hard-working Nevadans.”
- And, she says, the impact won’t stop at the pump. “You drive to school. You drive your kids around. The gas prices are higher. You go to the market, and food prices are higher because the trucking companies are paying more for gas.”
- So, Rosen has joined an effort to force an investigation of the proposed purchases, sending a letter to the chairman of the Federal Trade Commission demanding an investigation of the deals. “I’m going to fight anybody on this because we need to fight inflation, and big oil should be held accountable for their role in it.”
Anchor: “Nevada Senator Jacky Rosen is asking the Federal Trade Commission to step up and address high gas prices.
Rosen: “This is one way [that] we in the federal government can bring inflation down and hold oil companies accountable for cornering the market and for their corporate greed.”
Anchor: “[A] Nevada Senator calling on regulators to investigate proposed oi;l company mergers that she says are bad for consumers. Senator Jacky Rosen signed a letter with fellow lawmakers asking the FTC to investigate and crack down on Big Oil mergers involving Exxon Mobil and Chevron… Rosen says the FTC needs to consider the impact of oil company buyouts, [and] she says rising oil prices lead to the price of other goods going up.”
Rosen: “Inflation in some ways [is] directly related to the price of oil, and if we continue to let the greed of the oil companies take over, as they want to eat up more and more smaller companies, reducing competition, this is only going to hurt Nevada families that work hard for their money and deserve that relief.”