Editorial: Oil mergers deserve Congress' scrutiny

Westerners, including Las Vegans, are upset by the recent surge in gasoline prices. In Las Vegas alone prices have increased as much as 50 cents a gallon within a month. The skyrocketing increases have raised serious questions about the possibility of price fixing.

Sen. Ron Wyden, D-Ore., who recently asked the Justice Department to investigate whether the oil industry has committed any antitrust violations, on Thursday called for the Senate Energy and Natural Resources Committee to hold hearings on BP Amoco's proposed acquisition of Arco. Wyden is concerned that another oil merger "could make a bad situation worse."

Wyden is right on target. Congress should be looking at the bigger picture and investigating how these oil mergers could impact consumers. Merger mania has gripped corporate America, but Congress should explore whether the continued consolidation within the oil industry could push gas prices even higher.

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