Wednesday, April 17, 2024

Senate Republicans Decry Democrats’ Interference in Oil and Gas Mergers

by BIZ Magazine

Washington D.C. – In a concerted effort, U.S. Senators Bill Cassidy, M.D. (R-LA), Ted Cruz (R-TX), Mitch McConnell (R-KY), Lindsey Graham (R-SC), and 34 Republican colleagues have united to condemn what they perceive as political meddling by Senate Democrats in oil and gas mergers. The coalition is urging the Federal Trade Commission (FTC) to conduct an impartial review of recent energy acquisitions after Democrats allegedly made misleading and false allegations.

The dispute arises from Senate Democrats’ call for the FTC to investigate major oil and gas mergers, citing concerns about their impact on climate science, democratic processes, and self-governance. Republicans argue that such requests are driven by a political agenda aimed at curtailing fossil fuel production rather than genuine antitrust concerns.

In a joint statement, the senators emphasized the importance of a fair and unbiased review process rooted in factual evidence, economic realities, and legal precedent. They urged the FTC to uphold the rule of law and due process, free from partisan pressures and policy preferences.

“We respectfully request that the FTC conduct a fair and unbiased review of these mergers that is rooted in the facts, economic realities, and precedent. The oil and gas industry (like any other industry) should not be subject to unfair investigations or heightened antitrust scrutiny in order to further a political agenda that seeks the end of fossil fuel production. We expect the Commission to exercise its authorities with adherence to the rule of law and respect for due process, not partisan pressures and policy preferences,” the senators wrote in their letter.

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