"If Saudi Arabia were to increase its production by 1 million barrels per day that translates to a reduction of 20 percent to 25 percent in the world price of crude oil, and crude oil prices could fall by more than $25 dollar per barrel from its current level of $126 per barrel. In turn, that would lower the price of gasoline between 13 percent and 17 percent, or by more than 62 cents off the expected summer regular-grade price – offering much needed relief to struggling families. "
So said Senator Chuck Schumer, Democrat from New York recently at a hearing designed to embarrass, berate and attack the oil industry and not to find real solutions to our energy problems. This ersatz oil industry expert knows as much about energy markets as I do about brain surgery. Schumer reminds me of Blanche DuBois in "A Streetcar Named Desire" who breathlessly stated as she was led to a mental institution, "I have always depended on the kindness of strangers." In this case the strangers are the Saudis.