Kay Bailey Hutchison: “In January of 2007, when control of Congress changed hands, the price of gasoline was $2.33 a gallon. Today, it is $3.73…”

“In January of 2007, when control of Congress changed hands, the price of gasoline was $2.33 a gallon. Today, it is $3.73 a gallon. That is a 60-percent increase, and it is going in that direction even further. The reason for the record-high price is simple economics. The global demand for energy has soared, especially in fast-rising countries such as China and India. Meanwhile, the supply of energy has remained largely stagnant. This is a simple, classic economic principle: The law of supply and demand. When the demand goes up and the supply stays the same, the price goes up. Knowing that, the best way for Congress to reduce the price of energy is to increase the supply of energy. We need more American oil, more American natural gas, more American clean coal, and we need more American nuclear power. That is why I joined the ranking member of the Energy Committee to introduce the bill today that would do exactly that.”