Pelosi Floor Speech on the Lower Food & Fuel Costs Act of 2022

Washington, D.C. – Speaker Nancy Pelosi delivered remarks on the Floor of the House of Representatives in support of H.R. 7606, the Lower Food and Fuel Costs Act of 2022. Below are the Speaker's remarks:

Speaker Pelosi. Thank you, Mr. Speaker. I thank the gentleman for yielding and his leadership in bringing this important legislation to the Floor. I commend him and the Members of the Committee. Recently, we just – as we just heard from Congresswoman Spanberger – for her very important work recognizing the needs of America's working families with our kitchen table issues. Recognizing the needs in rural America for us to have legislation that strengthens rural America's hand in the decisions that we make as we go forward.

Mr. Speaker, as we gather here, the war continues in Ukraine. It is an unprovoked, outrageous act of aggression on the part of Putin and Russia – invading the territorial borders of Ukraine. At the same time, doing that has driven up prices here at home. Driven up prices at the pump. It is a Putin Price at the pump. That's the main reason, in the short period of time following the invasion of Ukraine, the price at the pump went up its highest amount in a very long time. Russia is also a source of fertilizer, a big source of fertilizer to our country. And of course diminishing the supply coming in raises the cost of fertilizer, contributes to the cost for our farmers and, of course, then contributes to the price of food at the grocery store. And it is an important kitchen table issue.

Putin's Price at pump is exacerbating the skyrocket[ing] costs weighing heavily on our families. Again, since Russia began its saber-[rattling] against Ukraine, gas prices in many places went up two dollars per gallon. Meanwhile, the World Bank reports that global food prices in March and April spiked 16 percent over the two months prior.

And while Putin works to fuel inflation, today the Democratic House – and hopefully in a bipartisan way – takes a strong step to bring down crucial kitchen table costs of the pump and grocery store and across the board.

Our Lower Food and Fuel Costs Act – that's what it's called, Lower Food and Fuel Costs Act – does precisely what the name suggests in three major areas.

First, the bill brings down the cost for farmers in the field. As we know, oil, gasoline, is an important factor of production for farmers in order for them to produce. The war in Ukraine has restricted the supply of fertilizer also, as I mentioned, and sent the cost through the roof. By taking action to lower the cost on the farm, we lower the cost on the shelf in the grocery store and on the kitchen table.

Second, this bill bolsters competition in the meatpacking industry. And I thank your Committee, Mr. Chairman Scott, for your leadership. Cracking down on the market power of big conglomerates – increasing competition – will ensure ranchers get their fair deal for their livestock while families get a good price for meat and poultry.

Third, this bill will help make cheaper, cleaner, homegrown biofuels more widely available. This summer, drivers who choose to fill up with Unleaded 88 could save an average of 40 cents a gallon. And by making this fuel more widely available, we'll unleash the power of America's farmers to help break the grip of foreign autocrats on energy markets, lower gas prices while keeping our dollars here at home and reduce pollution because biofuels are cleaner than petroleum.

Today's action to lower food and fuel costs is the latest manifestation of House Democrats' unyielding commitment to fight inflation.

Last month, our Majority moved – voted to hold Big Oil accountable for price gouging and war profiteering, which has kept energy prices price excessively high.

This week, we passed legislation to crack down on exorbitant ocean shipping costs – shipping fees, leveling the playing field for American businesses and lowering costs for American consumers. Proudly, today, President Biden will sign this legislation into law. It is called the Ocean Shipping Reform Act of 2022.

And as we speak, the Congress is hard at work on a bold, bipartisan, bicameral competitiveness package to make more goods in America, strengthening our supply chains, diversify our STEM work force and reinvigorate research and development. And we look forward to sending this strong, cost-cutting legislation to the President's desk.

Here's the thing: inflation springs from higher costs. Higher costs spring from shorter supply. Shorter supply is there because of COVID preventing certain products from coming into our country – so, shorter supply. Shorter supply of factors of protection – production coming into our country. That's why the COMPETES Act is so important, because it will make us more independent, more self-sufficient on the products we need.

For example, chips. The chips are a very important part of that bill. Chips in a car – to make a car takes 1,000 chips. An electric car, 2,000 chips. But we can't do that manufacturing unless we have chips. And if other countries are saving chips for themselves at home or the high fees of transporting make it just unaffordable to people, we need to make these chips at home. And that's what the COMPETES Act enables us to do.

So lowering costs for our families. When we ran in '18 – just to bring back promises made – we said we were going to lower costs by lowering the cost of prescription drugs, and that's what we are in the midst of doing now. We are going to lower costs in every way for America's working families. That's what this legislation does here. We are going to have bigger paychecks. And we have had – since President Biden took office working with the private sector and the nonprofit sector and the public sector, eight million jobs have been created. Unemployment has been cut in half. Wages have gone up. That also contributes to inflation, which must be addressed. And this legislation is part of doing that.

So this legislation is a strong step in that direction. I salute the relentless leadership of the Agriculture Chair, David Scott, and the Energy and Commerce Chair, Frank Pallone, who has an important part of this, as well as Representatives Spanberger, Craig, Axne and Harder, and the dedicated staff of both Committees. Together, they've assembled the package of popular, bipartisan legislation with a laser focus on fighting inflation.

But make no mistake: a vote against this bill is a vote to keep the costs of gas and groceries high – when we can do just the opposite by voting for it. That's why I urge a strong bipartisan ‘yes' vote and yield back the balance of my time.

Thank you, Mr. Speaker.