Producers can set any price they want. They can lower the price of gas and just make less profit. It is their call.
Either way trying to defend record oil profits when gas prices are killing average Americans is a losing position. That is politics 101. 
If they sold oil for below market value, you wouldn't see a nickel of savings. This is economics 101, but apparently politics 101 is more important to you. It's sad, but because people don't understand economics 101, the result is bad economics = good politics. This won't help your average American in the short term, and it will lead to higher prices in the long term.