The top Democrat in the U.S. Senate is calling on federal regulators to "pump the brakes" on Chevron's $53 billion purchase of Hess Corp.

In a tweet Sunday, Senate Majority Leader Chuck Schumer (NY) said the Federal Trade Commission should hold up the deal to protect consumers.

"I'm sounding the alarm against yet another proposed Big Oil merger - a $53B deal between Chevron and Hess," Schumer said in the tweet. "It would give Big Oil more fuel to raise gas prices."

Schumer's tweet also took aim at Republican presidential candidate and former president Donald Trump's support for the oil sector.

"Trump might be hosting dinners for Big Oil execs, but the FTC should side with consumers and pump the breaks on this deal," Schumer wrote.

Schumer's tweet comes seven months after Chevron announced it was purchasing Hess in an all-stock transaction. The deal is seen as giving the oil major access to Hess' holdings in prolific oil fields, including in Guyana and the Permian Basin in the U.S.

Schumer and other Democratic senators have claimed that M&A activity in the oil sector eliminates competition and results in higher prices for consumers.

Chevron did not respond to a request for comment Monday.


This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.


--Reporting by Steve Cronin, scronin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com


(END) Dow Jones Newswires

05-13-24 1210ET