Joe Pitts: “until recently, I thought everyone understood the law of supply and demand, but that was before some in this town…”

“until recently, I thought everyone understood the law of supply and demand, but that was before some in this town started crying for price caps on energy. The ins and outs of energy policy may be complicated, but the law of supply and demand is very simple. President Bush has a sensible, balanced, and comprehensive plan to increase supply through new and better energy sources and to address demand through better efficiency and modernization. We should not let anyone tell us that price controls are the answer to the energy crunch we are in. The Soviet Union tried running things that way for 70 years, and bread lines only got longer. We need to increase supply. Price controls will not produce one drop of oil or one watt of electricity. They only reduce the pain temporarily, but compound the problem actually. Mr. Speaker, we need a long-term solution, not a short-term fix.”