Gas prices have begun to back away from the $4 a gallon mark as crude oil prices have begun to decline, but New York’s U.S. Senator Charles Schumer says the price should be dropping more quickly.
Schumer wants the Federal Trade Commission to look closely at the actions of oil refiners.
“A year ago, refiners earned an average of 38 cents of profit, per gallon of gasoline. In January, it was 42 cents. So, from a year ago to January, it went up four cents. But, by April, it went up to 64 cents and then, in the last two weeks, it went up to 78 cents a gallon,” said Sen. Charles Schumer, (D) New York.
Schumer says refiners are working at only 81 percent capacity, potentially holding down supply so that prices remain artificially high.