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Schumer wants feds to investigate high airline prices

Sen. Charles Schumer speaks during a news conference

Sen. Charles Schumer speaks during a news conference on December 10, 2014 in Washington. Photo Credit: Getty Images / Drew Angerer

U.S. Sen. Charles Schumer called on the federal government Sunday to investigate why the airline industry continues to raise fares despite a drop in fuel prices.

Schumer said costs for flights have gone up 10% over the last five years, even though fuel is now at $60 a barrel, 40% lower than June. The senator said companies shouldn't be charging fuel surcharges and other extra fees when they are making nearly $20 billion in profits.

"The industry often raises prices in a flash when oil prices spike, yet they appear not to be adjusting for the historic decline in the cost of fuel; ticket prices should not shoot up like a rocket and come down like a feather," he said in a statement.

Schumer pushed the U.S. departments of Justice and Transportation to investigate the cause of the high prices, particularly corporate mergers and reduced competition have anything had an effect.

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