Image source, Getty ImagesThe bosses of some of the world's biggest energy firms vowed to increase production this year as they defended themselves from accusations of profiteering from the war in Ukraine.
In Washington, the chiefs of ExxonMobil, Chevron and others said that they had little power over oil prices.
At the end of January, prices were more than 15% higher.
The increase in energy costs has been felt around the world.
In the US, where mid-term elections will be held in November, it has become a major political issue, weighing on President Biden's support.
There was no quick fix for the problem.
Staffing and supply issues stemming from the Pandemic have made it difficult to start new production, but they said their investments will raise output this year.
"What can be done to ensure vital energy products remain available and affordable?" asked Darren Woods, chief executive of ExxonMobil.
While there is no quick fix, the answer is straightforward until there are more affordable alternatives. We need to increase the supply of gas and oil.
Before Russia invaded, energy prices were already increasing, as firms struggled to respond to disruption from the Pandemic, which led to a collapse in demand in 2020, followed by a faster-than- expected rebound.
The price of oil is up 70% from a year ago.
The dramatic rise in petrol prices has changed the driving habits of a New Yorker, who has stopped at red lights to hold off on filling her tank.
The 36-year-old, who works as a dental assistant and for hospitals, also recently picked up a fourth part-time job. She is trying to cover her extra costs by delivering groceries for Instacart.
She said that in this day and age, you just do what you have to do. It is ridiculous.
Western allies hit the country with severe sanctions after Russia invaded, disrupting oil markets and raising concerns about their supplies.
The country is the second largest crude oil exporter in the world.
The US and other members of the International Energy Agency have used reserves to alleviate the crisis.
Last week, the US pledged to release 180 million barrels of oil over the next six months, while allies are expected to announce plans to also release 60 million barrels from storage.
Democrats said at the hearing that oil firms werelining their own pockets as petrol prices have not fallen as quickly as oil.
They pressed energy firms to stop stock purchases and said the energy crisis should spur a faster turn to green energy sources.
Image source, ReutersRepublicans blamed policies backed by President Joe Biden for the higher costs, accusing him of an assault on the US energy industry with actions such as stopping oil and gas leases on public lands.
"High gas prices are a feature of President Biden's policies, not a bug," said Rep Morris, a Republican from Washington. They want a green revolution.
Some executives testified that Mr Biden's push for green energy alternatives was chilling investment.
Some executives said investing in green energy was a way to stop future energy shocks.
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