Merger, acquisition trend consolidates refining in US Northeast

The largest oil company mergers in US history have occurred within the past 2 years.These mergers have contributed to a dramatic consolidation of refining in the US Northeast.While unique in terms of size, they are nonetheless only the latest chapter in the process of oil industry restructuring and consolidation that has been under way since the 1980s.Particular aspects of the latest wave of consolidations stand out. First, they are financially more cautious than the last round of big mergers that took place in the early 1980s. Second, the US Federal Trade Commission (FTC) has assumed a larger role in allowing large (but not giant) players to grow much bigger through the acquisition of pr...

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