Exxon Corp. Chairman Lee Raymond, left, confers with Mobil Corp. Chairman Lucio Noto at the House hearing on the merger of their companies.
The chairmen of Exxon Corp. and Mobil Corp. say they need to merge into a $77 billion conglomerate in order to stay competitive with national oil companies overseas.
Exxon's Lee Raymond and Mobil's Lucio Noto testified before the U.S. House energy and power subcommittee last week. No congressional representatives at the hearing opposed the merger, which is pending before the Federal Trade Commission (FTC).
And Rep. Joe Barton (R-Tex.), subcommittee chairman, declared, "it's in the national interest of the U.S. ...