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

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

Amna Nawaz has the story.

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

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

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

Chevron, Shell, ExxonMobil, and more.

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

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

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

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

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

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

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

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

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

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

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

while the oil and gas companies
report record high profits

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

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

saying it's all about basic economics.

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

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

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

have as much say in getting
gas prices back down.

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

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

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

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

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

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

JOE BIDEN, President of
the United States: Our

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

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

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

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

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

AMNA NAWAZ: Back at today's hearing,

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

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

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

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

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

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

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