When Supply Goes Up, Prices Go Down

Floor Speech

BREAK IN TRANSCRIPT

Mr. MRVAN. Mr. Speaker, I rise today to share my deep frustration and anger for the people of northwest Indiana's First Congressional District as they open their heating bills that have skyrocketed this winter.

Hoosiers understand that utility rates are regulated at the State level, but they also understand, just as we do here, that Federal policy plays a role in whether our Nation is increasing energy supply or restricting it.

It is simple economics. When supply goes up, prices go down. Unfortunately, recent actions by this administration have moved us in the wrong direction.

In northwest Indiana, two major energy projects that would have increased supply and lowered costs were canceled. An $8 billion hydrogen project at the BP refinery in Whiting supported by labor, industry, the State, higher education partners, and the Federal Government were halted. An $18 million alternative aviation fuel project in East Chicago was also canceled. These projects would have strengthened our energy supply, created jobs, and supported our regional economy for decades to come.

Mr. Speaker, I urge the House to find ways to increase the energy supply so we can lower the costs in northwest Indiana.

BREAK IN TRANSCRIPT

Source