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Excerpt from www.reuters.com
Schumer urges FTC to hit the brakes on $53 billion Chevron-Hess merger
U.S. Senate Majority Leader Chuck Schumer on Sunday urged the Federal Trade Commission to “pump the breaks” on Chevron Corp’s (CVX.N), opens new tab proposed $53 billion acquisition of Hess Corp (HES.N), opens new tab.“The FTC should side with consumers and pump the breaks on this deal,” Schumer said in a post, opens new tab on social media platform X, adding that the deal would give oil majors more leverage to raise gas prices.In October last year, Chevron agreed to buy Hess for $53 billion in stock to gain a bigger U.S. oil footprint and a stake in rival Exxon Mobil’s (XOM.N), opens new tab massive Guyana discoveries.