President Obama's Energy Secretary, Steven Chu, renounced his previously-stated desire to see gas prices rise to match European levels in order to motivate alternative energy research, telling the Senate today that he wants gas prices to fall for the sake of the economy.
"We have to figure out how to boost the price of gasoline to the levels in Europe," Chu said in 2008. When reminded of that comment today during his congressional testimony, Chu backed away from that position.
"I no longer share that view," Chu told Sen. Mike Lee, R-Utah, today. "When I became Secretary of Energy, I represented the United States government, and I think right now in this econonic, very slow, return --- these prices could very well affect the comeback of our economy," he added.