Editorial: Antitrust misperceptions

To its targets, the oil and gas antitrust reform bill introduced in the US Senate this month will do little more than irritate. Congress can create task forces, launch investigations, and ask antitrust enforcement agencies to consider tightening their scrutiny of industry mergers. But nothing substantial will come of it.The oil and gas business, primary target of S 2557, is very competitive, no less so now than ever. Every witch hunt with which Congress has reacted to price increases in recent years has confirmed its brisk competition and absence of price collusion. If Congress enacts S 2557, any inquiry it spawns will reach the same conclusion. And like its predecessors, it will waste pu...

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