Schumer demands probe of oil refiners' profits
Sen. Chuck Schumer (D-NY) talks to reporters about rising oil refinery profits that could keep gasoline prices high despite the recent drop in oil prices at the Capitol in Washington. (May 17, 2011) Credit: AP
New York Sen. Charles Schumer wants the government to investigate U.S. oil refiners’ skyrocketing profits. He says the companies are to blame for high gas prices.
Speaking Sunday at a gas station on Manhattan’s West Side, the Democrat said that “something is rotten.” He said refiners’ profits have more than doubled since last year.
Meanwhile, the price of unleaded gas went up by almost 12 percent in the two weeks ending May 6, topping $4 a gallon in New York.
The senator says he believes refiners are fixing prices by cutting back on stockpiles.
In a letter to the Federal Trade Commission, Schumer demanded an investigation into record profits by major refiners.
The letter is also signed by the Senate Majority Leader, Harry Reid, and three other Democratic senators.
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