US senators ask Big Oil to help poor on fuel costs

By Tom Doggett

WASHINGTON, April 1 (Reuters) - Two U.S. senators on Tuesday asked big oil companies to voluntarily contribute to a fund that would help low-income consumers pay for this winter's high heating bills and transportation costs later this summer.

Republican Olympia Snowe of Maine and Democrat Jack Reed of Rhode Island said record energy prices have been a windfall for big oil companies and they need to share some of their profits with consumers who are in need.

"As you well know, the rise of commodity prices, most notably petroleum, has certainly been a significant factor in the slowdown of our economy and placed a considerable burden on working families and seniors," the lawmakers said in a letter to the American Petroleum Institute, the main trade group for big oil companies.

The five biggest oil companies earned a record $123 billion in profits last year.

The lawmakers asked API to reconsider creating an assistance program that would be funded by the group's members to help consumers cope with rising energy costs.

They made a similar request to API members in October 2005, but were turned down. At that time oil prices were just under $60 a barrel, compared with current costs of around $101.

The trade group responded at the time that it supported full funding for an existing government program that helps poor families pay their heating and cooling bills.

API said it still believes more money from Congress for the current programs is the best way to go.