**GAO-08-1082**                      Published: Sep 25, 2008. Publicly Released: Sep 25, 2008.                  

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## Highlights

During the late 1990s, many petroleum companies merged to stay profitable while crude oil prices were low, and in recent years mergers have continued. Congress and others have concerns about the impact mergers might be having on competition in U.S. petroleum markets. The Federal Trade Commission (FTC) has the authority to maintain competition in the petroleum industry and reviews proposed mergers to determine whether they are likely to diminish competition or increase prices, among other things. GAO was asked to examine (1) mergers in the U.S. petroleum industry and changes in market concentration since 2000 and (2) the steps FTC uses to maintain competition in the U.S. petroleum industry, and the roles other federal and state agencies play in monitoring petroleum industry markets. In conducting this study, GAO worked with petroleum industry experts to delineate regional markets and to develop estimates of refinery gasoline production capacity in order to calculate market concentration. GAO used public and private data as well as interviews for its analyses.

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## Topics

Energy

Antitrust lawCompetitionCorporate mergersCost controlCrude oilEnergyEnergy industryEnergy marketingEnergy policyEnergy suppliesstate relationsGasolineIndependent regulatory commissionsManaged competitionPetroleum explorationPetroleum industryPetroleum pricesPetroleum productsProcurementBusiness mergers