Weather’s role in wildfires in Atlantic Canada | SaltWire #weather #climatechange #wildfireseason - U.S Senate Majority Leader Chuck Schumer on Sunday urged the Federal Trade Commission to"pump the breaks" on Chevron Corp's proposed $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 $53 billion in stock to gain a bigger U.S. 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. It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action. Please consider joining us in this mission by becoming a member of the SaltWire Network and helping to make our communities better.