Olympia - February 2, 2000 - The Washington State Attorney General’s Office today announced its intention to file a lawsuit to stop BP Amoco and ARCO from merging their companies. The Federal Trade Commission and state of Oregon also announced their intention to file lawsuits today. California is also reviewing its litigation options.
With the proposed merger, BP and ARCO would control nearly 75 percent of the crude oil produced on the Alaskan North Slope, where Washington’s five refineries get their supply. These refineries supply most of the gasoline consumed in Washington and Oregon.
"We are concerned about this merger because we want to ensure that prices remain competitive for Washington’s consumers, not just for the short term but into the future," Attorney General Christine Gregoire said.."
On April 1, 1999 BP announced its intention to buy ARCO for approximately $26.8 billion. Since then the FTC and the three states have been involved in extensive investigations and negotiations trying to reach an agreement.