Schumer Urges FTC to ‘Pump the Brakes’ on Chevron-Hess Deal

(Bloomberg) -- Senate Majority Leader Chuck Schumer on Sunday urged the Federal Trade Commission to pause Chevron Corp.’s proposed $53 billion takeover of Hess Corp., arguing the deal would give the oil industry more power to raise gas prices.

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Schumer said in a post on X, the platform previously known as Twitter, that he was “sounding the alarm” on the deal. The statement contains his strongest language against the acquisition since calling on the FTC to investigate it late last year.

The deal would give Chevron a large foothold in Guyana, one of the world’s newest oil producers, and result in further consolidation within the US oil industry. Earlier this month, Exxon Mobil Corp. closed its $60 billion purchase of Pioneer Natural Resources Co., its largest takeover in more than two decades.

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