Yesterday Energy Secretary Steven Chu testified before the House Committee on Energy Commerce. When pressed by Rep. Cliff Stearns (R-FL) on statements Chu made last year about the desirability of high gas prices, Chu admitted his ideas were “silly”.
Transcript from the House Energy and Commerce Committee:
REP. CLIFF STEARNS, R-Fla.: Last September you made a statement that somehow we have to figure out how to boost the price of gasoline to the levels in Europe, which at the time exceeded $8 a gallon. As Secretary of Energy, will you speak for or against any measures that would raise the price of gasoline?
SEC. CHU: As Secretary of Energy, I think especially now in today’s economic climate it would be completely unwise to want to increase the price of gasoline. And so we are looking forward to reducing the price of transportation in the American family. And this is done by encouraging fuel-efficient cars; this is done by developing alternative forms of fuel like biofuels that can lead to a separate source, an independent source of transportation fuel.
REP. STEARNS: But you can’t honestly believe that you want the American people to pay for gasoline at the prices, the level in Europe?
SEC. CHU: No, we don’t.
REP. STEARNS: No. But somehow, your statement, “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe,” doesn’t that sound a little bit silly in retrospect for you to say that?
Embarrassing, I'd say.