Word: mobile
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Dates: during 2000-2009
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...soft spot for polysyllabic corporate monikers can rejoice - the BP Amoco-Arco deal is on again. When first announced late last year, the $30 billion merger raised eyebrows among federal regulators, who moved to block the deal in court. The big problem wasn't size - after all, Exxon and Mobil last year combined in an $80 billion deal. Rather, according to the Federal Trade Commission, it was the fact that the combined entity would own 70 percent of Alaska's oil fields, giving it a monopolistic hold on West Coast gasoline prices...
...President Clinton, involves offering a "swap" of crude oil from the 580 million-bbl. SPR to private oil companies. They would bid to take the oil now, then make repayment in kind, plus a premium, in 12 months or less. In other words, for every barrel an Exxon-Mobil took out, it would return that barrel and a little more--the more to be negotiated...
...would appear that timing was the gasoline companies' problem as much as anything - they decided to combine just when the FTC had had its fill of oil company mergers. The commission spent good portions of 1998 and 1999 wrangling over whether to approve the $81 billion Exxon-Mobil merger, and have since indicated that the competitive playing field of gasoline vendors can't stand to be condensed anymore. Sen. Ron Wyden of Oregon, who petitioned the FTC to block the BP Amoco-Arco deal, told regulators the transaction would lead to other "copycat" mergers. If the folks at BP Amoco...
...irony is that BP Amoco-Arco would be less than half the size of Exxon Mobil. But the FTC voiced concerns that the move would stifle competition on the U.S.'s West Coast, with BP Amoco-Arco controlling 45 percent of the oil refined in California, Oregon and Washington. This won't be the last you hear about this - the heads of British-based BP Amoco and L.A.-based Arco have long said that they would fight regulators to the bitter...