Senate Majority Leader Calls on FTC to Stop Chevron-Hess Merger

Senate Majority Leader Chuck Schumer called on the Federal Trade Commission to stop the merger between Chevron and Hess Corp., claiming it would be detrimental to consumers. “I’m sounding the alarm against yet another proposed Big Oil merger—a $53B deal between Chevron and Hess,” Schumer wrote on X on Sunday. “It would give Big Oil more fuel to raise gas prices.

Earlier this year, Schumer led a group of 22 senators to call on the Federal Trade Commission to look into the tie-up between Exxon and Pioneer Natural Resources, and the Chevron-Hess deal. “Exxon’s and Chevron’s operations downstream would enable them to redirect Pioneer’s and Hess’s crude supply to themselves, away from and possibly to the detriment of their midstream competitors,” the group wrote in a letter to the FTC.

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Hess Q1 Earnings Trump Forecasts Ahead of Acquisition by ChevronHess Corporation reported better-than-expected earnings in the first quarter of 2024 as the planned acquisition by Chevron drags on.
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