Schumer seeks GAO study on breaking up oil companies

U.S. Sen. Charles Schumer said Monday he is filing legislation that will make the General Accounting Office study the feasibility of breaking up the biggest oil companies as a way of getting more competitive fuel pricing in the United States.

Schumer (D-New York) said five “vertical” petroleum companies — meaning they drill for the oil, refine it and deliver it to the consumer — engage in anti-competitive pricing practices that has customers of all five reeling from gas prices well over $3 a gallon. San Ramon-based Chevron Corp. (NYSE: CVX) is the nation’s second-largest oil company, after ExxonMobil.

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