Senator Charles Schumer Says High Gas Price Is Gas Companies Fault
New York Senator Charles Schumer, speaking in front of a Hess station in Manhattan, called Tuesday for a federal investigation to see if oil companies and refiners are deliberately withholding gasoline production, taking advantage of the normal switch from winter gas to summer gas in an attempt to bid up prices.
Schumer is just pandering to the masses, my wife included, I'm sad to say. I show her the figures from their SEC filings and do the math on profits and profit margins, but she still has a hard time believing me on this issue. Of course I'm use to it, as I have to go through the same thing at work from time to time. What would really help lower gas prices and increase production is less government regulation and intervention, but that seems to be the last thing on most people's mind.
A spokesman for The Federal Trade Commission, which is the agency that would look into Schumer's request, said it will take the senator's letter seriously and will respond appropriately, although the spokesman couldn't give a timeline or any other information because the agency had yet to review the letter.
And I doubt they will this time either.
For their part, representatives for the oil industry flatly denied Schumer's suggestions.Spoken like a true capitalist.
posted by David at 8:57 PM :: Permalink ::