Schumer and other Senate Democrats call for a federal probe of huge oil deals by Exxon and Chevron

By MATTHEW DALY
Associated Press

WASHINGTON (AP) — Senate Majority Leader Chuck Schumer and other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump. In a letter Wednesday to the Federal Trade Commission, the lawmakers said Exxon’s proposed $60 billion acquisition of Pioneer Natural Resources and Chevron’s proposed $53 billion purchase of Hess Corp. are two of the largest petroleum deals in U.S. history and could violate antitrust law. Exxon said its deal would promote U.S. energy independence and lower planet-warming greenhouse gas emissions, while Chevron said its merge would strengthen the company’s long-term performance.