XOM - Chuck Schumer Says Trump Might Be 'Hosting Dinners For Big Oil Execs' But FTC Should Side With Consumers On $53B Chevron-Hess Merger | Benzinga

The U.S. Senate Majority Leader, Chuck Schumer (D-N.Y.), has called on the Federal Trade Commission (FTC) to reevaluate the proposed $53 billion merger between Chevron Corp (NYSE:CVX) and Hess Corp (NYSE:HES).

What Happened: Schumer voiced his concerns over the merger on social media on Monday. He cautioned that the merger could empower oil majors to raise gas prices.

“I'm sounding the alarm against yet another proposed Big Oil merger—a $53B deal between Chevron and Hess It would give Big Oil more fuel to raise gas prices,” he said.

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