The Threat of Bigger Oil
ExxonKnews, Nov 9, 2023, Emily Sanders
Full Article: https://www.exxonknews.org/p/the-threat-of-bigger-oil
Senators and advocates are asking the FTC to investigate Exxon and Chevrons mega-mergers and stop them if need be.
Last month, ExxonMobil and Chevron separately announced two of the biggest oil and gas deals of the century, securing their dominance over the U.S. fossil fuel sector. Exxons $60 billion acquisition of Pioneer Natural Resources and Chevrons $53 billion acquisition of Hess are the latest signs that the companies are committed to expanding their fossil fuel businesses, even as climate scientists warn that the continued use of fossil fuels is unleashing irreversible damage on communities and the planet.
In separate letters, 23 U.S. Senators and 22 advocacy groups have urged the U.S. Federal Trade Commission, the federal agency that protects the public from unfair business practices, to investigate whether the deals would violate antitrust law and stop them if necessary. (Note: ExxonKnews is a project of The Center for Climate Integrity, which signed the advocates letter.)
The officials and advocates lay out a number of concerns:
Exxon and Chevron are doubling down on fossil fuels at the expense of the climate.
The mergers could expand oil companies lobbying power and undermine democracy.
The deals could threaten workers and consumers.
The deals follow Big Oils years-long, multi-million dollar advertising campaigns to convince the public that they were leading partners in climate solutions even while they spent almost nothing investing in renewable energy. In 2021, three advocacy groups EarthWorks, Global Witness, and Greenpeace filed a complaint with the FTC accusing Chevron of misleading consumers through greenwashing.
Much more at Full Article: https://www.exxonknews.org/p/the-threat-of-bigger-oil
The only thing status quo people care about is making money.... And perhaps not being inconvenienced in the slightest way.