Senator Chuck Schumer: FTC should probe Big Oil on gasoline prices

[bigtree]

Tue Apr 18, 2006 2:38 PM ET

NEW YORK (Reuters) - Oil companies may be holding back on gasoline production amid soaring prices in order to bolster their bottom line and should be investigated, U.S. Senator Charles Schumer said on Tuesday.

The New York Democrat pointed to a 15 percent rise in pump prices to $2.97 a gallon in New York City over the past month.

"The oil companies are just raising the prices up and up and up. The question is are they doing this based on the laws of supply and demand or is something else at work," Schumer told reporters over the din of city traffic at a press conference in front of a Manhattan gasoline service station.

Schumer said following a wave of mergers by top oil companies in recent years, gasoline prices were easier to manipulate, increasing the need for Congress to make sure the industry is not ripping off consumers.

"Oil companies should be using their maximum refining capacity instead of possibly minimizing it, and the FTC needs to make sure this process is completely transparent so that prices don't continue to shoot up," Schumer said.

full article:
http://today.reuters.com/business/newsArticle.aspx?type=ousiv&storyID=2006-04-18T183912Z_01_N18471841_RTRIDST_0_BUSINESSPRO-ENERGY-GASOLINE-PROBE-DC.XML

[napi21]

1. I have no problem with the FTC doing that, but what about CONGRESS?

I know I watched the hearings held with the oil execs a few months ago, and someone asked each exec how he could possible explain the highest per bbl prices, but still the highest oil co. profits in history? Each one of the AH's dodged the question with lots of words, but in the end, you had to say "what the heck did he just say???"

I say call them all in for more hearings, and don't let 'em leave until they give a believable explaination!

[Virginia Dare]

2. As I recall...

the Republican asshat who was running the hearings refused to have them sworn in, it was all a big dog and pony show.



:shrug:

[rkc3]

3. And make them take an oath. Otherwise, we'll get more words to

explain the nationwide rectal exam we're getting.

[saigon68]

4. never happen

The chimp's handlers will never allow it again.

[thethinker]

5. When congress called in the heads of the oil companies

a few months back, the price of oil went right back down. And it went down PDQ.

Congress needs to put in a Windfall Profit Tax on the oil companies. They should have done this several years back when they started playing with the price oil. Everyone has to buy gas to get to work and no corporation has the right to obscene profits on a necessity.

The oil companies are robbing the public blind and with the blessings of this administration and the republican congress. Even the republicans I talk to know they are being had.

[BIgJohn83]

6. It'd be good for somebody other than the American people to...

be probed. Big Business and Big Oil have been 'probing' us for years now! It's only now they feel as though they have someone in office who will let them probe us as hard and as deep as they want.

[bigtree]

7. I'm with the senator

my first impression:

Sticking it to us at the gas pump because of the Iran 'crisis' (2006-04-14)
http://www.opednews.com/articles/opedne_ron_full_060414_sticking_it_to_us_at.htm

[Bitter Cup]

8. May be?

nt

[bigtree]

9. that's not a major thing

the senator's always one of the first to challenge this administration.