Leahy seeks to quiz Big Oil over gas prices

The Senate Judiciary Committee announced Wednesday that Chairman Patrick Leahy (D-Vt.) plans to hold a hearing with oil industry executives on the high cost of oil.

“American consumers continue to pay the price at the pump, while oil companies post record profits,” said Leahy. “With food and transportation prices rising with the exploding price of oil, it is important to hear what the multibillion-dollar oil companies are doing to help ease the crunch, and consider what actions the federal government should take to help consumers.”

{mosads}Specifically, the panel wants to examine how soaring crude oil prices are affecting what Americans are paying at the pump.

With record gas prices a major concern for consumers and the economy as a whole, the spotlight was cast again on the oil companies last week when they revealed multibillion-dollar profits in the first quarter of the year.

The hearing is scheduled for May 21.

The House Judiciary Committee has already started hearings on high gas prices.