False. Potential energy, specifically gravitational potential energy, increases as the height of an object increases. The gravitational potential energy (PE) is given by the formula:
\[ PE = mgh \]
where \( m \) is the mass of the object, \( g \) is the acceleration due to gravity, and \( h \) is the height above a reference point. As height \( h \) increases, the potential energy also increases.