19
Oct
Last week, Exxon Mobil agreed to buy Pioneer Natural Resources for $59.5 billion, in a move widely expected to set off a wave of consolidation throughout the oil sector. Combined, Exxon and Pioneer would be the largest producer of oil and natural gas in the Permian Basin, the field that produces more than 40 percent of America’s oil. If the deal goes through, other companies like Chevron could soon follow suit, buying up smaller companies as they come under pressure from investors to match Exxon’s size.That consolidation would undermine democracy in the United States, mislead investors and weaken market competition.…