Sen. Schumer (D-NY) says that Bush is responsible for high gas prices because the White House let the six largest oil companies merge into the mega-companies: Exxon-Mobil, BP-Amoco and ChevronTexaco.

The senator failed to mention what power the president should have invoked to interfere with economic forces in a free market.

Schumer goes on to unequivocally state that :

“These gas companies are in cahoots with OPEC,” said Schumer. “When OPEC says it wants to raise prices, they say ‘Yes sir! How high?’ What we need is some good old-fashioned American competition,” he said.

So it seems that the gas company’s size isn’t the problem, it’s that they don’t stand up to OPEC. We need “competition” for OPEC. Perhaps the senator is saying that the U.S. needs to find and exploit oil reserves?

Couldn’t be! Schumer teamed with Hillary to stop drilling in Finger Lakes. Then again, he voted to ease restrictions for drilling in the ANWAR and cosponsored legislation to allow federal entities to bring actions against price-fixing organizations like OPEC.

Perhaps drilling is OK as long as it isn’t in his back yard (Finger Lakes is in NY).

But then the senator really went off the deep end, saying:

Citing the 9% rise in gas prices over the past month, Schumer predicted a gallon of regular could soon top $3.

Uh, Senator, gas prices fell today. And the energy department is forecasting $2.35 next month, well below historical highs:

Schumer also wants the president to release oil from our reserves (the reserves we keep in case of military attack or global disruption of supply):

“Americans are getting scorched by sky-high gas prices and the summer hasn’t even arrived yet,” Schumer said. “The Bush administration must do something now to avert what will be a very hot, very expensive summer for all Americans if they are paying three bucks or more for a gallon of gas,” Schumer said.

Hmmm, and how are we to fill those reserves up again. ANWAR anyone? Perhaps the senator could talk to some of his fellow party obstuctionists.