Last week, Sen. Charles Schumer (D-N.Y.) called for a federal investigation into whether or not oil companies and refineries are deliberately producing at a lower capacity in order to boost prices.

Schumer said the refining capacity, which is operating at about 85 percent, may be an indicator of the production being deliberately lowered.

While high gas prices are a legitimate concern, especially in the summer when prices traditionally spike, this press conference seems to be a bit preemptive.

As a result of his outspokenness on the issue, one is also left to ask the question, how does Schumer know this to be true?

Or at least what gives him cause to question the oil companies at this juncture?

Such accusations made without solid proof amount to little more than a broad appeal to the voters who are upset at high oil prices and who will be satisfied by any political action on the subject.

If Schumer's call for a probe is merely a transparent appeal to public sentiment, which it very well may or may not be, it would undermine the real issues of increasing prices and oil dependence and would not serve to further serious debate.

From an economic perspective, it is conceivable that oil companies and refineries could produce at a lower rate and make an additional profit, but the political liabilities of such an action would make it unprofitable in the long-term. Also, investigations launched by the Federal Trade Commission in 2000 and 2001 turned up no evidence of unfair business practices on the oil industry.

While Schumer's claims may or may not be sound the issue at hand is accountability, which is desirable from both the political and economic spheres.

Schumer must be accountable to the electorate, and while an investigation into the business practices of the oil industry may not discover any evidence of wrongdoing, in the long-term it will send the message that accountability is critical.