Senate Democrats Demand FTC Probe Into Exxon and Chevron's Mega Deals

Senate Majority Leader Chuck Schumer and other Senate Democrats have urged the U.S. Federal Trade Commission (FTC) to investigate the recent acquisitions by Exxon Mobil and Chevron, claiming potential antitrust violations. Schumer sent a letter to the FTC Chair, expressing concerns that the mergers with Pioneer Natural Resources and Hess could harm competition and consolidate control of gasoline prices. Chevron's CEO, Mike Wirth, stated that they do not see any antitrust concerns and believe the deals are beneficial for shareholders and energy security. Both Exxon Mobil and Chevron stocks have dropped since the announcements and reported worse-than-expected third-quarter earnings.