Bill Aims To Stop Petroleum Mergers

Law360, New York (March 28, 2007, 12:00 AM EDT) -- In an effort to address soaring U.S. gasoline prices, a U.S. congressman has put forth legislation calling for a moratorium on mergers in the petroleum industry.

Rep. Peter DeFazio, D-Ore., proposed a bill earlier this month that included a measure to prohibit oil and gas mergers, unless the acquisition is likely to have a “net benefit to consumers by maintaining or increasing competition.”

The provision would automatically suspend large mergers, except those waived by the U.S. Attorney General, for one year. It would also establish a...
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