Senate Majority Leader Chuck Schumer on Sunday urged the Federal Trade Commission (FTC) to review U.S. oil and gas giant Chevron (CVX)gamesearncrypto.US) proposed $53 billion acquisition of HES (HES)gamesearncrypto.US) impose "restrictions".
Schumer said on social mediagamesearncrypto"The Federal Trade Commission should be on the side of consumersgamesearncrypto, step up efforts in the deal, adding that the deal will give the oil majors more leverage to raise natural gas prices."
In October last year, Chevron agreed to buy Hess for $53 billion in stock to expand its U.S. oil business and take a stake in rival ExxonMobil (XOM.US), opening a new chapter in large-scale exploration in Guyana.
In November last year, Schumer and 22 other Democratic senators wrote a letter to the Federal Trade Commission, saying that the multibillion-dollar acquisition of oil and gas giants ExxonMobil and Chevron could lead to higher prices for consumers. He has also previously called for greater review of large oil mergers.