* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Thursday, June 26, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    China’s Military Introduces Mosquito-Sized Drones: A Game-Changing Surveillance Technology – Indian Defence Review

    China Unveils Mosquito-Sized Drones: Revolutionizing Surveillance Technology

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Promising Technology Stocks To Follow Today – June 22nd – MarketBeat

    Top Technology Stocks to Watch Today – June 22nd

    Technology Convergence Report 2025 – The World Economic Forum

    Technology Convergence Report 2025 – The World Economic Forum

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

    Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

    George Lopez is coming to Spokane – KXLY.com

    George Lopez is coming to Spokane – KXLY.com

    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Frontdoor Announces Tech Expert Dr. Bala Ganesh as Chief Technology Officer – Business Wire

    Frontdoor Appoints Tech Visionary Dr. Bala Ganesh as New Chief Technology Officer

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    Defense technology giant Northrop Grumman to host interviews in Iuka to fill technician roles – supertalk.fm

    China’s Military Introduces Mosquito-Sized Drones: A Game-Changing Surveillance Technology – Indian Defence Review

    China Unveils Mosquito-Sized Drones: Revolutionizing Surveillance Technology

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Marvell Technology Stock Rallies After AI Event Sparks Investor Optimism – Yahoo Finance

    Promising Technology Stocks To Follow Today – June 22nd – MarketBeat

    Top Technology Stocks to Watch Today – June 22nd

    Technology Convergence Report 2025 – The World Economic Forum

    Technology Convergence Report 2025 – The World Economic Forum

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Federal Agencies Target ExxonMobil And Chevron Acquisitions

April 21, 2024
in Business
Federal Agencies Target ExxonMobil And Chevron Acquisitions
Share on FacebookShare on Twitter

Oil is refined into gasoline, diesel, and jet fuel 24/7 at fewer and fewer refineries around the … [+] nation.

getty

The Securities and Exchange Commission and Federal Trade Commission are evaluating pending oil company consolidations because of antitrust and climate related concerns. The ExxonMobil
XOM
acquisition of Pioneer Natural Resources
PXD
and Chevron’s
CVX
acquisition of Hess are at the top of their list. Senators and Congressmen seeking lower oil prices and lower greenhouse gas emissions are chiming in to stop the deals, but they are working at cross-purposes. Let’s look at their arguments.

In their November 1, 2023, letter to the Federal Trade Commission, twenty-three Senators complain that the ExxonMobil and Chevron make profits, pay dividends, buyback shares, and make acquisitions. That is what corporations do—they pay taxes on profits too. It’s the American way. They return profits to shareholders when they cannot make investments that generate acceptable rates of return. For decades now, the federal government has limited the ability of oil companies to expand development and refinery capacity. The Biden administration has continued to cut access to onshore and offshore lands, raised the cost of permits, and increased the cost of leasing federal lands. More than 2 million barrels per day of domestic refining capacity has closed since 2019, and there are no buyers for those refineries on the market. No one in Congress can be surprised by the dividends, share buybacks, and acquisitions. The dividends and share buybacks provide income to everyday voters too.

In their March 6 letter to the Federal Trade Commission forty-nine Senators and Representatives complain “[a]ccelerating concentration hurts competition, hurts consumers, and hurts the climate.” They have no data to support their arguments. While noting that the combined ExxonMobil and Pioneer will produce 1.2 million barrels of oil per day, they neglect to acknowledge that ExxonMobil needs at least 4 million barrels per day for its refineries. The authors also miss that ExxonMobil’s even larger competitors are foreign, national oil companies in a daily global market that exceeds 100 million barrels per day. ExxonMobil competes with other refiners to acquire crude oil supply. Chevron is in the reverse position with more oil production than oil refining capacity. Chevron competes with oil producers around the world to get its oil into refineries. Neither company can control oil or refined products prices, and each is acutely aware of U.S. antitrust laws.

If the Senators and Representatives are concerned about rising gasoline prices, they can look to the Middle East and Russia. OPEC+ has effectively cut production and is not in a rush to increase supply. The Baker Hughes rig count in the Middle East at the end of March was 344 versus the pre-pandemic level of 440. This lack of reinvestment in the world’s most prolific and lowest cost oilfields has given U.S. companies the economic incentive to take domestic production to new records. In the wake of drawing down the nation’s Strategic Petroleum Reserve by more than 280 million barrels since Russia invaded Ukraine, consolidating acquisitions that lower costs will help both the U.S. consumer and national security.

In their March 5 letter to the SEC, Senators Welch, Merkley, Sanders and Warren state that ExxonMobil’s and Chevron’s announced acquisitions “raise concerns of potential greenwashing.” They cite that both companies have made pledges to reduce greenhouse gas emissions. The Senators assert that by acquiring other oil companies ExxonMobil and Chevron have abandoned their pledge. Middle school debaters can see the hole in that argument. To the extent that duplication is eliminated, the combined companies will have smaller GHG footprints. Scope 3 emissions, those produced by the ultimate consumers, obviously will not be changed by the acquisitions.

The greenwashing argument suffers from the implicit fallacy that by reducing oil and gas production in the U.S. that GHG emissions will be reduced. Until the U.S. consumer reduces hydrocarbon consumption, simply cutting back domestic production will increase U.S. reliance on foreign supplies, offshoring. There will be no net GHG reduction.

The letters signed by Representatives and Senators read like ChatGPT-generated school essays with citations of long-ago newspaper articles describing oil and gas market conditions that no longer exist. They want cheaper oil, cheaper gasoline, and lower GHG emissions. It cannot happen. These conflicting goals will cost the voter with higher taxes or higher fuel prices, and probably both as we are now realizing the full cost of the misnamed Inflation Reduction Act. Restricting oil companies is no way to change consumer behavior, but driving up taxes and fuel prices will incur the wrath of voters across the nation.

Follow me on Twitter or LinkedIn. Check out my website. 

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Forbes – https://www.forbes.com/sites/edhirs/2024/04/20/federal-agencies-target-exxonmobil-and-chevron-acquisitions

Tags: agenciesbusinessFederal
Previous Post

Saturday Conversation: Dustin Kensrue On ‘Desert Dreaming’

Next Post

Meet The Designer Behind The Paris 2024 Summer Olympics Torch And Cauldron

Tiny night lizards survived dinosaur-killing asteroid strike, despite being close enough to see it happen – Live Science

How Tiny Night Lizards Defied Extinction After the Dinosaur-Killing Asteroid Impact

June 26, 2025
Scientists Confirm Anti-Aging Drug Appears to Prolong Life in Animals – ScienceAlert

Scientists Confirm Anti-Aging Drug Appears to Prolong Life in Animals – ScienceAlert

June 26, 2025
Tokyo Lifestyle Makes Strategic Move into Australian Market with Premium Store in Sydney Chinatown – Stock Titan

Tokyo Lifestyle Makes Strategic Move into Australian Market with Premium Store in Sydney Chinatown – Stock Titan

June 26, 2025
First images from world’s largest digital camera reveal galaxies and cosmic collisions – NBC News

First images from world’s largest digital camera reveal galaxies and cosmic collisions – NBC News

June 26, 2025
Spirit Airlines Rebrands Travel Options: First, Premium Economy, Value – One Mile at a Time

Spirit Airlines Unveils Exciting New Travel Options: First, Premium Economy, and Value Classes

June 26, 2025
Susquehanna Raises Penn Entertainment Inc. (PENN) Price Target. – Yahoo Finance

Susquehanna Raises Price Target for Penn Entertainment Inc. (PENN)

June 26, 2025

Vanderburgh County Health Department Takes Bold Action Against Vaccine Hesitancy

June 26, 2025
Why Trump needs the world to believe Iran’s nuclear program is ‘obliterated’ – CNN

Why Trump Wants the World to Believe Iran’s Nuclear Program Is Completely Destroyed

June 26, 2025
House panel wrangles on rail safety technology – FreightWaves

House Panel Sparks Debate Over the Future of Rail Safety Technology

June 26, 2025
The Desert Sun unveils its Top Spring Athletes: History-makers and record-breakers – The Desert Sun

Meet This Spring’s Top Athletes: History-Makers and Record-Breakers Revealed!

June 26, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (698)
  • Economy (718)
  • Entertainment (21,613)
  • General (15,574)
  • Health (9,757)
  • Lifestyle (723)
  • News (22,149)
  • People (720)
  • Politics (725)
  • Science (15,936)
  • Sports (21,214)
  • Technology (15,702)
  • World (698)

Recent News

Tiny night lizards survived dinosaur-killing asteroid strike, despite being close enough to see it happen – Live Science

How Tiny Night Lizards Defied Extinction After the Dinosaur-Killing Asteroid Impact

June 26, 2025
Scientists Confirm Anti-Aging Drug Appears to Prolong Life in Animals – ScienceAlert

Scientists Confirm Anti-Aging Drug Appears to Prolong Life in Animals – ScienceAlert

June 26, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version