FTC chair opposes antitrust law change

By OGJ editors
HOUSTON, Mar. 22 -- Evidence does not support imposing merger requirements on the oil and gas industry tougher than those applied to other industries, US Federal Trade Commission Chairman Deborah Majoras told the Antitrust Modernization Commission Mar. 21.

Senate Judiciary Committee Chairman Arlen Specter (R-Pa.) has said he plans to introduce legislation to increase federal antitrust authority as a way to protect consumers from oil and gas industry concentration and its potential impact on gasoline prices.

Executives from integrated oil companies testified Mar. 14 before the judiciary committee (OGJ, Mar. 20, 2006, p. 27).

Majoras spoke to the modernization commission, a government advisory committee whose members are studying possible changes to antitrust laws.

Noting that she spoke on her own behalf rather than for the FTC, Majoras said antitrust laws should not be changed to fit particular industries. "Fundamentally, we do not need to make substantive changes to the primary federal antitrust laws," she said.

She said there was no empirical evidence that mergers of oil and gas companies are responsible for high gasoline prices.

"The evidence does not point to mergers as the reason," she said. FTC officials maintain that rising gasoline prices stem from higher crude oil prices worldwide and are unrelated to mergers previously approved by the FTC.

Related Articles

Buckeye to buy Corpus Christi terminal interest in $860 million deal

09/02/2014 Buckeye Partners LP has agreed to acquire 80% interest in a company that it will jointly own with Trafigura AG for $860 million. The transaction is...

Deals with CNPC seen good for Russian firms

09/02/2014 Russia’s recent oil and gas deals with China, some of which have been questioned on the basis of pricing, are good for Russian companies overall, a...

Pembina signs $650 million deal to buy Vantage line, associated assets

09/02/2014 Pembina Pipeline Corp., Calgary, has agreed to acquire the Vantage pipeline system and Mistral Midstream Inc.’s interest in the Saskatchewan ethane...

Gas production set to resume at In Amenas gas facilities

09/02/2014 Statoil ASA and partners BP PLC and Algerian state-owned Sonatrach are set to resume “ordinary operations” at the In Amenas gas production facility...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected