Schumer Calls For Investigations Of High Airfares
ALBANY, NY (AP) — Sen. Charles Schumer is calling for federal investigations of high airfares, questioning why they're not dropping along with fuel costs.
The New York Democrat says with holiday travel approaching, the high cost of flying is painfully apparent to thousands of passengers.
He's calling for the Department of Justice and the Department of Transportation to investigate why airfares are so high despite what he described as "record" airline profits and "rapidly declining" fuel costs.
According to the senator's office, the International Air Transport Association forecasts the airline industry profits will grow from $19.9 billion this year by 26 percent to $25 billion next year.
Meanwhile, oil prices have dropped by 40 percent since June and are about $60 a barrel.