Posted on 05/29/2011 2:40:04 PM PDT by lowbridge
New York Sen. Charles Schumer wants the government to investigate U.S. oil refiners' skyrocketing profits, which he said are to blame for high gas prices.
"Something is rotten," said the Democrat, speaking today at a gas station on Manhattan's West Side.
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.
The senator said he believes refiners may be fixing prices by cutting back on stockpiles — by keeping refining capacities to only 81 percent and through exports that diminish domestic availability.
In a letter to the Federal Trade Commission, Schumer demanded an investigation into record profits by major refiners.
(Excerpt) Read more at nypost.com ...
Let’s investigate chuckie shumer instead...
I read somewhere that the Oil Corporations make about 5 cents profit on every gallon of gasoline, while state and federal taxes amount to almost $1.oo per gallon.
Who should be investigated?
Schumer is an idiot, If he knew anything about the oil industry he would know that refineries are not design to make much profit. Of Course we know he just makes stuff up and the reporters are always willing to put a mike in front of him.
Probe your Bank account, you worthless commie bastard!
notice how BS artist never mention oil company tax rates?
I am not sure why the oil companies do business at all in NY. They would do better to keep their operations out of the state entirely.
The “something rotten” is Putzhead’s decomposing brain.
The biggest oil profiteer is Uncle Sam. The overnment collects several times the amount that the oil companies get to book as profit.
“overnment” = “government”, of course.
Probe GE profits. They did not pay any tax last year and they are the biggest donors to Obama and Democrats.
Big oil on the other hand pay the largest amount of federal tax out of any industry.
In 1st Qtr of 2011 BP had an 8.2% profit (revenues less expenses). Conoco was at 5.1%.
Microsoft was at 31.8% (talk about profiteering), Disney at 12.1%, even the crippled New York times had a profit of 9.2%.
Schumer needs to go to Econ 101 and start going after the really big guys. Mom-and-pops just don’t have the big dollar profits as the box stores just because of volume. It’s the percentage that counts.
An honest probe of oil refiner profits would lead very quickly back to Democratic Party energy policies.
I cannot figure out why in the world democrats despise oil and gas producers. They say they are all for prosperity and turn around and attack the very component that is key to our nations wealth.
Abundant, cheap energy.
I think “ overnment” might be a new and appropriate word. Might be defined as an oppressive nanny state.
Why don’t these esteamed A-0’s probe to see whether they have any brains.
It would be more productive to investigate YOU and your partners in crime.
How about we probe Congressional spending over the last 4 years and get a full accounting of where it all really went?
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