The Biden administration has launched a probe into ExxonMobil following pressure from congressional Democrats, according to The Associated Press.
The Federal Trade Commission (FTC), which is responsible for enforcing antitrust law, is investigating ExxonMobil’s October $60 billion acquisition of Pioneer Natural Resources, according to the AP. Senate Majority Leader Chuck Schumer and 22 other Senate Democrats called on the agency to investigate the deal for potential antitrust violations in November.
The deal is one of the largest in the history of the American oil industry. Schumer and the other Democrats who pushed for an FTC probe of the ExxonMobil deal also called for the agency to investigate the $53 billion Chevron-Hess merger, which the two firms announced in October. So far, there have been no indications that the FTC is investigating that deal, according to the AP.
