A PYMNTS Company

US: Tesoro, BP deal no longer under FTC watch

By  |  May 20, 2013

The Federal Trade Commission has announced it has closed an investigation into a deal made between Tesoro and BP after nine months. Tesoro Corporation bought out a BP refinery and its marketing assets in southern California; the FTC released a report stating that there were not substantial competition concerns over the acquisition. Specifically, the FTC notes seven major competitors on the West Coast in addition to declining demand for California-grade gasoline as reason to believe competition will not be lessened. According to reports, the FTC voted 3-0 to end the investigation; Commissioner Joshua D. Wright recused.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Fox Business

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.