Mr. DUNCAN of South Carolina. Mr. Speaker, when President Obama was inaugurated in January 2009, the average nationwide price for a gallon of gasoline was $1.84. The 2012 March nationwide average has been $3.89 or higher, reflecting a 110 percent increase. Keep in mind that every penny increase in the price of gasoline costs the U.S. economy $1 billion and American consumers $4 million per day.
Now, last week, Secretary of Energy Steven Chu, while testifying in front of a House committee, was asked to grade his performance on American gasoline prices. He graded himself an ``A''--an ``A,'' America--when the price at the pump for American families has gone up over 110 percent.
I'm sorry, Secretary Chu, America doesn't grade on a curve. We give your performance and the performance of the administration's handling of energy in America the grade of ``F.''