Gas Prices Plummet, Schumer Still Whines

Oil prices have been plummeting, but according to Mr. Press Conference, consumers aren't feeling the effect fast enough. Must be time for more government interference.

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."

Analysis he conducted? I had no idea Schumer was a analyst in the oil industry. That would be a stretch considering he's never had a job in the private sector.

Naturally, Schumer spoke too soon and rather than blaming the evil oil companies, he should look at the source.

Oil prices rose two dollars on Monday on growing signs that OPEC will announce production cuts at a special meeting in Vienna this week in a bid to shore up the revenues of member countries, dealers said.

New York's main contract, light sweet crude for delivery in November, jumped 2.15 dollars to 73.72 dollars a barrel.

Brent North Sea crude for December delivery climbed 2.01 dollars to 71.61 dollars a barrel.

Crude prices have halved in value from record highs of above 147 dollars struck in July, prompting calls from key OPEC members that the oil cartel should cut its output targets when it meets in the Austrian capital on Friday.

"OPEC will agree to cut production when it meets, arguing that it needs to prevent a (further) price collapse," energy consultancy CGES said Monday in its latest monthly report.

He also neglects to point out that costs would be much lower if we drilled here. But he doesn't want to do that.

The man has no solutions other than to punish the oil companies. Typical socialist.