The bosses of some of the world's biggest oil and gas groups have vowed to increase production this year - and also defended themselves from accusations of profiteering from the war in Ukraine.
Chiefs at ExxonMobil, Chevron and others said in Washington that they had little power over oil prices, which soared after Russia's invasion.
The BBC reports that prices remain more than 15% higher than they were at the end of January. The increase has raised energy costs for households around the world.
In the US, where mid-term elections will be held in November, it has also become a major political issue, weighing on President Biden's support.
The US and other members of the International Energy Agency (IEA) have tapped reserves to alleviate the crisis.
Just last week, the US pledged to release 180million barrels of oil over the next six months, while the IEA announced on Wednesday that other members would release a further 60million barrels from storage.
But energy executives at the congressional hearing warned that there was "no quick fix" to the problem.
They said their investments, many already in the works, will raise output this year, but warned that staffing and supply issues stemming from the pandemic meant it is taking longer to start new production.
The BBC says that Darren Woods, chief executive of ExxonMobil, said: "What can be done to ensure vital energy products remain available and affordable? While there is no quick fix, the answer in the near-term, until there are more widely available and affordable alternatives, is straightforward. We need to increase the supply of oil and natural gas."
Following Russia's invasion, Western allies hit the country with severe sanctions, disrupting oil markets and raising concerns about their supplies.
The country is the world's second-largest exporter of crude oil, accounting for about 10% of global output.
Brent crude futures were ahead 1.82% at $103.01 a barrel early this morning.
FTSE 100
The UK's top share index, the FTSE 100, was down 11 points at 7,576 shortly after opening today, after closing down 26 points yesterday.
Companies reporting today
- Trading updates: Entain, Robert Walters