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November 10, 2009

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Editorial: Competition sparks oil merger concerns

Wednesday, Dec. 1, 1999 | 9:51 a.m.

It was encouraging that the federal government imposed conditions for its approval of the $81 billion marriage between Exxon and Mobil, which will become the world's largest privately owned petroleum company. The Federal Trade Commission is ordering the two companies to sell more than 2,400 service stations, mainly in the Northeast, Texas and California. The FTC believes this divestiture will ensure retail competition won't be harmed.

The next suitor seeking the FTC's blessing is BP-Amoco, which wants to acquire Atlantic Richfield. This union would create a private oil company second in size only to the Exxon-Mobil merger. Just as it did with Exxon-Mobil, the FTC should also ensure that customers won't be put at a disadvantage as these newly formed companies capture an even larger market share that could result in consumers getting gouged at the pump.

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