AP Money Minute: New Fee From AA

BusinessAP Money Minute: New Fee From AAAP Money Minute: New Fee From AAThe Associated PressHere are the top money stories for May 21st: Senators claim disconnect with oil prices; American to charge for 1st checked bag; FCC wants lower wireless fees; Time Warner to spin off cable TV.AP Money MinuteSenators say there's a disconnect between high oil prices and real supply and demand. But executives of the five largest oil companies told a Senate panel that the fundamental laws of supply and demand are at work. American Airlines will start charging passengers 15-dollars for the first bag they check. Just last month, the carrier joined other airlines in charging 25-dollars for a second checked bag. The Texas-based airline will also retire up to 50 planes, reduce capacity and eliminate jobs . Record high fuel prices are blamed.The Federal Communications Commission is quietly negotiating with wireless carriers to reduce cancellation fees. The F-C-C wants to gives customers up to 30 days to cancel a new wireless plan and reduce the fees for cancellation after that period--which regularly run 175-dollars.Time-Warner will spin off its cable television arm. The move will give the media conglomerate a more than nine-billion dollar windfall and allow it to focus on content-generating operations. ___ ___, The Associated Press.