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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.