Big Oil Corporations Are Making Record Profits At A Time When Nevadans Are Paying Record Prices At The Gas Pump
WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) joined a letter urging the Federal Trade Commission (FTC) to fully investigate and block all anti-competitive Big Oil mergers that would likely raise prices for hardworking Nevadans. In the letter, the members push FTC Chair Lina Khan to extend current investigations, open inquiries into new deals, and take appropriate actions to protect competition and prevent price hikes at the pump. The letter also emphasizes that these Big Oil corporate mergers come at a time when companies are making record profits while hardworking families are paying record gas prices.
“We write concerning the wave of oil-and-gas industry consolidation, building on top of a longstanding consolidation trend, that threatens competition in the industry and could lead to higher prices and fewer choices for businesses across the supply chain, suppress worker wages, and make heating, cooling, and gas at the pump more expensive for consumers,” wrote the members. “Instead of providing price relief to Americans at the pump, these oil and gas majors have used their record profits to fund expanded stock buybacks, benefiting only them and their shareholders.”
“If a small group of dominant firms is allowed to control this industry, American consumers and industry competition will only suffer. Therefore, we urge the FTC to extend its current investigations, open inquiries into these new deals, and take all appropriate actions to protect competition in this industry” they continued. “Lax enforcement during the last generation, such as allowing Exxon and Mobil to merge, resulted in market manipulation, unstable supply, and price hikes for Americans. We must avoid similar mistakes going forward.”
The full text of the letter can be found HERE.
Senator Rosen has been a leader in fighting to lower costs for hardworking Nevadans. Last month, she announced that, at her urging, the FTC sued to block the Kroger-Albertsons grocery store mega merger because it could reduce competition and further raise grocery prices. Senator Rosen also successfully pushed the FTC to open an investigation of Exxon Mobil’s proposed acquisition of Pioneer Natural Resources that could greatly reduce competition and drive up gas prices at the pump for Nevadans. She also introduced the Housing Oversight and Mitigating Exploitation (HOME) Act to crack down on housing price gouging by corporate investors who are buying up housing stock.
###
