WASHINGTON D.C., DC — Big Oil was in the hot seat Wednesday in Congress over sky-high gas prices.
Representatives from Washington state were among those sparring over why drivers are still paying close to $5 a gallon as oil companies reportedly rake in record profits.
Though gas prices have dropped nearly 10 cents nationally since last week to $4.16 per gallon, they're down only a few cents in Washington, to $4.70 per gallon.
Congress grilled the heads of oil companies about how prices are set and what can be done to find relief at the pump.
House Democrats accused oil companies of cushioning profits, with Rep. Frank Pallone Jr. (D-NJ), saying, "We are here to get answers from the oil companies about why they're ripping off the American people."
Republicans blamed President Joe Biden.
Rep. Cathy McMorris Rodgers (R-WA) said, "This is the 'Biden' price hike and it has been a steady climb since he took office."
Companies like Chevron maintain their hands are tied by a stressed global marketplace and that they do not control the market price of crude oil or natural gas.
Prices began climbing slowly as more drivers hit the road after the pandemic, but Russia's invasion of Ukraine sent both gas and oil prices skyrocketing. President Biden plans to drop the U.S. oil reserves by 40% to help stem the tide.
Oil companies said they are working to ramp up production, and oil prices are coming down, but gas prices are barely budging. The frustration is something economists call "rockets and feathers."
Rep. Kim Schrier, (D-WA), said it "just doesn't feel fair."
"It feels like gouging," she added. "It even feels like profiteering."
At a separate hearing yesterday, Senator Maria Cantwell (D-WA) called for more transparency in understanding how prices are set.
"In the state of Washington, many of my constituents are still paying near $5 a gallon at the pump, even though prices have fallen 11% last month," Cantwell said.
With sticker shock hanging over the heads of drivers and affecting many small businesses in Washington, both parties are scrambling to find answers by the midterms.