NY Senator Charles Schumer opposing gas company merger
NEW YORK New York Senator Charles Schumer is demanding President Bush and the Federal Trade Commission block the proposed merger of Chevron-Texaco and Unocal, saying it will result in higher gas prices. Schumer says that past mergers of other oil companies, like Exxon-Mobil and Chevron-Texaco, should also be reviewed and possibly undone.
Schumer says if the Chevron-Texaco-Unocal deal is allowed, its daily oil production would exceed every OPEC member, except Iran and Saudi Arabia. He says the five largest U-S oil companies control almost as much crude oil production as Middle East OPEC members, more than half the domestic refinery capacity and over 60 percent of the retail gasoline market.
He says oil companies are making record profits while consumers are paying record-high price at the pump.
Schumer says if prices keep rising at this month's rate, gas in his state will hit three dollars a gallon by July.
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