Schumer Demands Probe Of Oil Refiners’ Profits
“There’s ample evidence that the nation’s oil refiners might be engaging in price-fixing,” he said Sunday at a gas station on Manhattan’s west side.
WCBS 880’s Ginny Kosola reports: Schumer Wants To Know If Oil Refiners Are Manipulating Gas Prices
Schumer wants to know if refiners have cut back on gasoline stockpiles to decrease supply and inflate the price of gas at the pump.
He said refiners’ profits have more than doubled since last year. Meanwhile, the price of unleaded gas went up by almost 12 percent in just the two weeks ending May 6, topping $4 a gallon in New York.
“I’m calling on the Federal Trade Commission to launch an immediate investigation as to whether refiners are engaging in illegal practices that could be costing drivers dearly at the pump,” he said. “Because there are fewer refiners than there used to be, they bought up a lot of the other ones, it’s a lot easier for them to fix prices.”
He did not name any companies, but said a probe should examine all of them, including the biggest five: Exxon Mobil, Shell Oil, BP, Chevron and ConocoPhillips.
What do you think? Let us know in our comments section below.
(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)