OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Cortez Masto Joins Colleagues in Call for FTC to Fully Investigate Recent Big Oil Consolidations

Press Release

Date: March 6, 2024
Location: Washington, D.C.
Issues: Oil and Gas

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"Contrary to disinformation spread by industry groups, these deals are not about efficiency, international competitiveness, or lowering costs; they are designed to pump more profits out of Americans' pockets -- plain and simple. Fossil fuel companies have overwhelmingly identified investor pressure as the reason to keep prices high so they can continue to benefit from record profits. Americans are paying the price for Big Oil's greed and are still struggling to keep up with gas prices higher than pre-pandemic levels.

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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. 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."

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