Bowling Green Today

On March 28, 2024, U.S. Senator Rand Paul (R-KY), U.S. Senate Commerce Committee Ranking Member Ted Cruz (R-TX), Senate Republican Leader Mitch McConnell (R-KY), Senate Judiciary Committee Ranking Member Lindsey Graham (R-SC), and 34 other Senate Republicans called on the Federal Trade Commission (FTC) to conduct a fair and unbiased review of recently announced oil and gas mergers. This call came in response to requests by Senate Democrats for the FTC to investigate these major energy acquisitions, citing what the Republicans describe as misleading and false allegations.

Previously, Senate Democrats had urged the FTC to use its authority to halt these companies from discrediting “climate science,” “subverting our democratic processes,” and “frustrate self-governing” through increased oil and gas production.

In their letter to FTC Chairwoman Lina Khan, the GOP senators wrote: “On November 1, 2023, twenty-three Senate Democrats sent you a letter ‘urg[ing] you to Investigate’ the recently announced oil and gas mergers.’ We write to urge the Federal Trade Commission (FTC) to follow the law and the facts in its review of the recently announced oil and gas industry mergers.”

The senators argue that any merger review should be assessed under a fair and unbiased standard grounded in sound economics and law that protects American consumers without imposing policy preferences for political ends.

The letter goes on to discuss how some Democratic colleagues have made speculative claims about what these mergers would mean for 'climate science' and 'climate legislation.' It further criticizes their request for the FTC to ignore plans by merging parties to produce an additional one billion barrels of oil beyond what could be achieved if they acted separately.

“Our Democratic colleagues may be entitled to their own opinions, but a fair and unbiased review of these mergers must be based upon actual facts," states the letter.

The senators argue that the proposed transactions, which will significantly expand oil and gas production, should result in lower costs for consumers. They also warn that denying these mergers could lead to greater global emissions of greenhouse gases as domestic energy production would need to be replaced by foreign substitutes.

In conclusion, the letter requests that the FTC conduct a fair and unbiased review of these mergers based on facts, economic realities, and precedent. The senators 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.

Joining Sens. Paul, Cruz, McConnell, and Graham in sending the letter are 34 other Senate Republicans.