New York - Schumer: Probe Rising Gas Prices

Published on: May 6th, 2007 at 10:01 PM

New York - The record high price for a gallon of gas in New York City, $3.57 set back in 2005, could be broken later this year if oil companies continue to allow their refineries break down, said Sen. Charles Schumer (D-New York) Sunday.

"Despite record billion dollar profits, it seems the big oil companies are willing to turn a blind eye to their decrepit oil refineries," said Schumer in a statement.

"Instead of putting profits straight into their pockets, oil companies should be investing in their refineries so our nation's gasoline supply stays high while prices at New York gas pumps stay low."

The state's senior senator is calling for a federal investigation into why there have been no new oil refineries built in the U.S. since 1976, and why existing refineries are operating at less than 90 percent capacity. [amny]

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