WASHINGTON DC – U.S. Senator Jacky Rosen (D-NV) is continuing her push to get the FTC to investigate Big Oil mergers that would reduce competition and raise prices for Nevadans at the pump. Last month, Senator Rosen joined an effort demanding the Chair of the Federal Trade Commission (FTC), Lina Khan, to protect consumers from ExxonMobil’s proposed $60 billion acquisition of Pioneer Natural Resources and Chevron’s proposed $53 billion acquisition of Hess Corporation. These would be two of the biggest petroleum deals of the 21st century.
KLAS Las Vegas: Nevada Sen. Rosen, Democrats push for investigation into Big Oil mergers, high gas prices
Anchor: “Democratic Nevada Senator Jacky Rosen is asking the Federal Trade Commission to investigate Big Oil, specifically how oil companies are merging and then driving up gas prices. And this includes Chevron’s $53 billion purchase of rival Hess. Now, 8 News Now investigator David Charns asking the senator what the government can do, really if anything, about gas prices.
Reporter: So what really can, can you and your colleagues do?
Senator Rosen: Well, it’s a private business, but let’s be clear, they have a responsibility to the consumer. And we can’t allow them to continue to reduce competition so they can continue to increase prices. Price gouging is never right. They are making record profits.”
Telemundo Las Vegas: Senadora Jacky Rosen Se Une A Un Esfuerzo Para Investigar Fusiones De Las Grandes Petroleras
Reportera: “La Senadora Jacky Rosen se une a un esfuerzo para investigar fusiones de las grandes petroleras que afectan o podrían afectar los precios de las gasolinas.
[…]
Dice que los objetivos de estas empresas sería reducir la competencia. Rosen y otros senadores piden a la FTC que examine estas operaciones que podrían aumentar como digo los precios de la gasolina, ya que, pues, el impacto de fusiones sin control se ha sentido durante décadas.”
Las Vegas Sun: Rosen joins in Democratic Senate effort to block oil giants’ recent acquisitions
By Casey Harrison
Key Points:
- Nevada Democratic U.S. Sen. Jacky Rosen is urging the federal government to nix a pair of recent acquisitions by oil giants Exxon Mobil and Chevron on grounds the moves stand to hurt consumers.
- Those deals prompted Rosen and 22 other Democratic colleagues in the U.S. Senate to send a letter last month to Federal Trade Commission chairwoman Lina Khan, stating the mergers would enable Exxon and Chevron to redirect Pioneer’s and Hess’ crude supply away from midstream competitors and raise the price of crude oil.
- “Such added costs are often passed downstream to retail customers, including drivers at gas stations,” the senators said.
- Rosen doubled down on that assertion in a phone interview this past week with the Sun, noting that Chevron, Exxon and other “big oil” companies have reaped in record profits since the pandemic. Rosen also contends expensive gas leads to higher-priced goods, and that can ripple throughout the entire supply chain.
- “I’m hearing it every day from families up and down all across our state, how they’re just being hit so hard by inflation and rising prices,” Rosen said. “It’s forcing them to make tough decisions, and the No. 1 complaint I hear about is, of course, the price of gas.”
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