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Oil company executives called on the carpet over huge profits and high gas prices but the executives are fighting back. against a proposal to eliminate tax breaks for the top five oil companies. at the heart of the matter -- the price that you are paying to fill your tank. aaa says the natural average is $3.98 a gallon. at the same time oil companies raked in billions in profits during the first quarter of this year. our senior congressional correspondent dana bash is following the hearing on capitol hill where the oil company bosses are testifying and alison kosik has more on the rise in the ...

Given the average cost of a gallon of gas. it's $3.98 nationwide. that's up from two cents from yesterday. the head of chevron was the first to speak at this hearing. >> the most sensible path is simple. don't punish our industry for doing its job well. create energy and tax policies that make our country a more attractive place to do business. allow us to develop our nation's vast energy resources. and strengthen, don't weaken, our ability to compete against large national oil companies who are major players in the u.s. and global energy markets. >> watson and others are saying their industry...

Are beyond their control, and arguing against the scaling back of tax breaks that add billions of dollars to their profit margins. the current average for a gallon of regular gas now at $3.98 a gallon. in some spots, it's over $4 a gallon. republican senator other rich hatch suggesting today that the hearing is nothing but a dog and pony show. here's what democratic senator schumer had to say about that. >> you'd have an easier time convincing people that a unicorn just flew into this room they need subsidies. >> let's get jerry's two cents. the fox business network's jerry willis is here. jer...

Well, you'd have an easier time convincing the american people that a unicorn just flew in the hearing room than the big oil companies need taxpayer subsidiaries. >> despite current debate, few businesses pay more in taxes than the gas companies. we are ready to invest. not a question of looking for incentives. pus us back to work. open up, give us access to the land. put our people back to work. >> we have over 400 leases in alaska that are sitting idle waiting for permission to move forward. >> as gasoline prices hover around $4. $3.98 at this point. they invited the ceos to congress. they a...

>> to say it is unamerican, i'll tell you what's unamerican. what's unamerican is to take these tax breaks at a time when conocophillips and the other oil companies are making records, at a time when oil is over $4 a gallon at the pump and over $100 a barrel. when they argued they needed these subsidies when the price of oil was $17, and they needed to encourage exploration. >> now, for the record, the current average for gas is now $3.98 a gallon. that's 2 cents higher than yesterday. and almost 20 cents higher than last month. this as we charge into memorial day, which will be the most expen...