Schumer Begins Inquiry Into Gas Market

Monday, May 07, 2007

Senator Charles Schumer is calling for an investigation into the tight gasoline market. The senator says oil companies should be doing more to upgrade obsolete production facilities. He's calling for an inquiry by the investigative arm of Congress, the US Government Accountability Office.

Gas prices have been driven higher in recent months by unexpected refinery outages and shut-downs. Government data show gasoline inventories falling at a time of year when most analysts think they should be rising.

Schumer has been a persistent critic of oil companies, particularly regarding annual seasonal spikes in gasoline prices. He says gas prices have been reported as high as $3.14 a gallon in the New York area and could reach “record highs” this year.

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