Schumer Local Stations Not To Blame For High Fuel Prices

Oil prices continue to trade at or near the $100 per barrel mark, as the international community weight the war in Ukraine, rising COVID cases in China and a host of other issues. While fuel prices have dropped a bit as of recent, Americans ae still paying extremely high gas and diesel prices at the local station. Over the weekend, Senate Majority Leader Chuck Schumer held a press conference telling drivers that the anger they feel when filling up should be directed at the oil companies, and not the local owners of those stations. He noted those oil companies are enjoying record profits right now.

“It's a huge windfall - much bigger than they've ever had before. And what have they done with those profits? Have they returned them to consumer during the crisis in Ukraine? Have they tried to pitch in? No.”

Schumer added he would like to stop the practice of "stock buybacks", when companies buy shares of its own stock, not only increasing the value, but also reducing availability.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekmedia.com