US Senate majority leader Chuck Schumer urged on Sunday for the Federal Trade Commission (FTC) to "pump the breaks" on Chevron Corp's proposed US$53 billion acquisition of Hess Corp.
"The FTC should side with consumers and pump the breaks on this deal," Schumer said in a post on social media platform X, adding that the deal would give oil majors more leverage to raise gas prices.
In October last year, Chevron agreed to buy Hess for US$53 billion in stock, to gain a bigger US oil footprint and a stake in rival Exxon Mobil's massive Guyana discoveries.
Schumer has previously also called for greater scrutiny of mega oil mergers, as he, along with 22 other Democratic senators, wrote to the FTC in November last year, saying multi-billion dollar acquisitions by oil and gas giants Exxon and Chevron could lead to higher prices for consumers.
Chevron and Hess did not immediately respond to a Reuters request for comment.
- Reuters
Created by Tan KW | May 23, 2024
Created by Tan KW | May 23, 2024