Congress Is Holding A Hearing With Big Oil On Price Gouging At The Pump

Hello there! It's Tuesday – which is a real drag unless you're a Kansas fan. Oh my, did you guys watch the NCAA Men's Basketball Finals last night? UNC really biffed it. Up 15 at the half and just collapsed in the second frame. Terrible.

You know what's not as terrible as that? Gas prices – which are slightly less terrible than they were yesterday. The average price of a gallon of regular gas across the country now stands at $4.18. Baby steps, y'all.

But – as always – it isn't all good news. Blame greed, blame a lack of caring about your fellow man, blame whatever you want – but it seems almost certain oil companies are taking advantage of our willingness to spend more at the pump, and are price gouging us. In fact, tomorrow the House Energy and Commerce Committee will be holding a hearing with Big Oil about the issue, according to Market Watch.

On Wednesday, the Democratic-run House Energy and Commerce Committee's subcommittee on oversight and investigations plans to have executives from major oil companies, including Chevron Corp., ExxonMobil Corp. and BP PLC, testify at a hearing titled "Gouged at the Gas Station: Big Oil and America's Pain at the Pump."

The hearing comes as politicians and consumers point out that many oil companies have turned hefty profits amid the surge in oil prices. BP posted its highest profit since 2012 last year.

In what could give rise to calls in the U.S. and in Europe for profit-windfall levies or the like connected to the rising energy prices, Exxon said in a filing late Monday that its first-quarter profits could top $9 billion, compared with $8.8 billion in the fourth quarter.

That's thanks in part to between $1.9 billion and $2.3 billion in crude price changes, and up to about $400 million in gas price changes, Exxon said in the filing. That would be offset by thinner margins in chemicals, impairments related to leaving Russia after the start of the invasion, and others.

So, without further ado, let's get today's gas price winners and losers (we're all losers).

AAA

Here is where you can find the highest average gas prices in the country in order of highest price for a gallon regular:

• California – $5.84 Regular | $6.05 Mid | $6.18 Premium | $6.36 Diesel

• Hawaii – $5.23 Regular | $5.43 Mid | $5.68 Premium | $5.65 Diesel

• Nevada – $5.17 Regular | $5.41 Mid | $5.61 Premium | $5.31 Diesel

• Alaska – $4.72 Regular | $4.91 Mid | $5.09 Premium | $5.18 Diesel

• Washington – $4.71 Regular | $4.93 Mid | $5.12 Premium | $5.54 Diesel

  Here is the lowest average prices of gasoline in the country in order of lowest price per gallon of regular:

  • Missouri – $3.73 Regular | $4.01 Mid | $4.29 Premium | $4.72 Diesel

  • Kansas – $3.75 Regular | $4.01 Mid | $4.28 Premium | $4.75 Diesel

  • Oklahoma – $3.75 Regular | $4.04 Mid | $4.28 Premium | $4.73 Diesel

  • Arkansas – $3.76 Regular | $4.08 Mid | $4.38 Premium | $4.80 Diesel

  • Texas – $3.79 Regular | $4.14 Mid | $4.44 Premium | $4.81 Diesel

    See everyone tomorrow, and let's hope the numbers keep trending in the right direction.