Chuck Schumer Does Not Know How Gas Costs Work

Senate Bulk Leader Chuck Schumer and 22 Democratic senators just recently composed to Federal Trade Commission Chairman Lina Khan requiring an examination into the proposed mergers in between Exxon Mobil and Leader Natural Resources and Chevron and Hess The letter argues that these mergers will make it possible for “anticompetitive coordination in the market” and raise U.S. gas rates. The letter, nevertheless, is based upon suspicious financial and legal reasoning and spurious historic analysis. It’s a mischaracterization of how the oil-and-gas market runs.

A reasonable evaluation of the proposed mergers and the fossil-fuel market does not expose a firm legal and financial basis to start antitrust enforcement procedures versus these offers. If the senators actually desire a competitive energy market that provides American customers with lower-priced fuel, they need to support these mergers, not block them.

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