Sen. Specter: Congress to act on rising fuel prices

Pennsylvania Republican, head of Judiciary panel, says he’s shocked by the size of oil company profits.

WASHINGTON (Reuters) – The chairman of the Senate Judiciary Committee said Wednesday that Congress would attempt to address growing concerns about rising fuel prices and soaring oil industry profits.

“We intend to do something about” rising prices to consumers, Chairman Arlen Specter said at a hearing into whether oil industry mergers in recent years have made gasoline more expensive at the pump.

Specter said he was shocked by the size of oil company profits, adding, “It just may be time to legislate in this field.”

The Pennsylvania Republican did not say what kind of action he had in mind to curb fuel prices, but some industry critics have called for an excess profits tax.

Reuters