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JUDY WOODRUFF: With gas prices
above $4 a gallon, Democrats
grilled some top oil executives

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on Capitol Hill today. And they, in turn,
denied allegations of price-gouging.

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Amna Nawaz has the story.

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REP. FRANK PALLONE (D-NJ): We're
here to get answers from the big

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oil companies about why they're
ripping off the American people.

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AMNA NAWAZ: Lawmakers on Capitol
Hill today laying blame for rising
gas prices on executives from BP,

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Chevron, Shell, ExxonMobil, and more.

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REP. FRANK PALLONE: At a time of record
profits, big oil is refusing to increase

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production to provide the American people
some much needed relief at the gas pump.

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AMNA NAWAZ: Since Russia's
invasion of Ukraine, fuel prices
have shot up and stayed high. Gas

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prices jumped from $3.53 a gallon
before Putin's invasion to $4.31
a gallon three weeks later.

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They have since slipped slightly to
$4.17 a gallon this week. Meantime,

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the price of crude oil has fallen
from a peak of $127 a barrel in
early March to around $101 today.

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Even before the invasion, oil company
profits had reached record highs.

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Last year, ExxonMobil's net
profits were more than $23 billion,

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while Chevron netted $15.6 billion,
its most profitable year since 2014.

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REP. DIANA DEGETTE (D-CO): But you
know something? It's not just about
the shareholders. The American

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people, who we represent, provide
the industry with more than $30
billion a year in subsidies,

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while the oil and gas companies
report record high profits

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and while American families are forced
to pay record high prices at the pump.

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AMNA NAWAZ: Oil executives pushed
back on the Democratic claims,

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saying it's all about basic economics.

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DARREN WOODS, CEO, ExxonMobil: No single
company sets the price of oil or gasoline.

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The market establishes the price
based on available supply and
the demand for that supply.

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AMNA NAWAZ: While Chevron's
CEO suggested producers don't

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have as much say in getting
gas prices back down.

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MICHAEL WIRTH, CEO, Chevron: We do not
control the market price of crude oil

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or natural gas, nor of refined
products like gasoline and diesel fuel.

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AMNA NAWAZ: The hearing came
as Democrats try to show voters
they're working to bring down

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fuel prices amid fears inflation
could mean heavy losses at
November's midterm elections.

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In a bid to relieve pain at the pump,
President Biden last Thursday ordered

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the release of a million barrels
of oil a day from the U.S.
Strategic Petroleum Reserve.

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JOE BIDEN, President of
the United States: Our

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prices are rising because of Putin's
action. There isn't enough supply.

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And the bottom line is, if we
want lower gas prices, we need to
have more oil supply right now.

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AMNA NAWAZ: The president also sought
to put pressure on the oil companies.

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JOE BIDEN: This is not the time to
sit on record profits. It's time

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to step up for the good of your
country, the good of the world.

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AMNA NAWAZ: Back at today's hearing,

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Republicans argued that President Biden's
climate policies are making things worse.

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REP. MORGAN GRIFFITH (R-VA): It is
impossible to generate confidence
or investment in production

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today when future production is clearly
being blocked by this administration.

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AMNA NAWAZ: Meanwhile, everyday
Americans are feeling the pressure.

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In a recent poll, respondents listed
gas prices as their top concern,

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with 68 percent saying they were
- - quote -- "very concerned."

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For the "PBS NewsHour," I'm Amna Nawaz.