Among the common themes echoed by top executives facing a Senate hearing on higher energy prices was that faulty US policies had hurt efforts to increase energy production and refining capacity, exacerbating already high crude oil and gasoline prices.
If lawmakers want lower prices, they could start with opening parts of the country that are off-limits to exploration or easing requirements for permits to develop resources, they said.
"If Congress wants to address high oil prices, they must address domestic supply issues, such as the limited access to oil and gas exploration off our coastlines," said John Hofmeister, president of Shell Oil Co Lawmakers at the hearing, however, were more interested for the most part in hearing about how oil prices are set and how record profits at a time of sky-high prices could be justified.
Chevron CEO Dave O'Reilly, who has aggressively pushed for changes in US energy policy this year, specifically attacked the emphasis US regulations place on environmental and other specifications for fuels like gasoline.
"Meeting these requirements has not always been easy or without risk," O'Reilly said.
"In some instances, when we have debottlenecked and have added to capacity, we have had to pay several penalties to do so," he said, referring to Chevron's refining initiatives. Like its peers, Chevron also wanted lawmakers to lift restrictions on drilling in an Alaskan wildlife preserve and some areas in the Rocky Mountain region.
O'Reilly also urged Congress to curb the proliferation of "boutique" gasolines - gasoline that is specially blended to meet regional requirements - hence making it more expensive.
ConocoPhillips CEO James Mulva also stressed the need for easing the process to obtain permits to build liquefied natural gas terminals, which have usually run into major opposition from communities opposed to hosting such a facility. "Historical divisions are irrelevant in the energy equation we now face," said O'Reilly. "When a single hurricane can knock out nearly 10 percent of our nation's gasoline supplies, it is clear that a new approach to dealing with energy issues is needed."