Washington, D.C. – Senator Catherine Cortez Masto (D-Nev.) joined Majority Leader Schumer (D-N.Y.) and Senators Whitehouse (D-R.I.), Markey (D-Mass.), and Klobuchar (D-Minn.) along with 44 other colleagues in sending a bicameral letter to the Federal Trade Commission (FTC) expressing concern over recent consolidation in the oil-and-gas industry.
“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,” the Members wrote. “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.”
In the letter, the Members ask the Federal Trade Commission to consider all harms that past and future mergers present to American consumers. The letter goes on to urge the FTC to oppose any acquisitions it determines to be in violation of antitrust law.
“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” wrote the lawmakers. “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.”
Read the full letter text HERE.
Senator Cortez Masto has led efforts in the Senate to lower costs for Nevadans and protect consumers. She has called out Big Oil and gas companies for price gouging and using their record profits to reward shareholders, and passed landmark legislation to lower prescription drug costs for seniors. She’s pushed critical legislation to alleviate supply chain bottlenecks and has urged the Biden Administration to develop a long-term, government-wide strategy to lower gas prices and help Americans reduce their energy costs. In addition, she has been a champion for renewable energy and clean transportation development that will help lower energy prices for Nevadans.
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