Congress and an Energy and Commerce Subcommittee held a hearing to investigate ever-rising fuel prices. Lawmakers accused oil companies of price gouging since gas prices have remained high even as crude prices have dropped.
Delayed effect? Oil execs testified remotely, citing more than crude prices contributing to gas prices. Chevron's CEO Mike Wirth said changes are not always immediate, even when crude goes down. Others said companies lack the confidence needed to reduce costs as future production remains regulated by the current administration.