Senators told oil industry competitive despite mergers

02/13/2006
Most US petroleum industry sectors remain unconcentrated or lightly concentrated despite mergers that have occurred in the last 20 years, a Federal Trade Commission member told the Senate Judiciary Committee on Feb. 1.“In addition, the growth of independent marketers and hypermarkets has increased competition at the wholesale and retail levels in many areas,” William E. Kovacic told the committee.Increased concentration by itself is not a basis for finding that a merger would be anticompetitive, he added. When the commission has concluded that a combination would reduce competition, it has ordered divestitures or sought preliminary injunctions to halt the transaction, he said....
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