Blaming oil companies, Sen. Charles Schumer said yesterday that the recent drop in crude-oil prices is not being reflected at the gas pump or in the cost of home heating oil.
At a news conference, Schumer said an analysis he conducted shows that oil companies aren’t as quick to lower retail prices when crude oil drops as they are to raise prices when crude goes up.
He called on the Federal Trade Commission to issue an advisory threatening “stiff penalties” for any oil company whose retail prices for gas and heating oil do not keep pace with the overall drop in crude-oil costs.
“Despite a 52 percent drop in oil prices, home heating oil is hardly down at all – only down a surprising 12 percent as Big Oil hoards profits. Gas prices are lower but still not where they should be – only down 23 percent, half of the price drop of oil,” Schumer said.
“Instead of passing the savings from cheaper oil on to consumers, the oil companies instead are hoarding millions for themselves,” he said.
“Big oil will look for any way to pick our pockets – it’s simply baffling.”