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. 
Gas production in the US has been decreasing due to onerous policy restrictions. Oil companies aren't building new refineries because the ROI doesn't work. It takes 10 years to recoup the cost, but the Dems would like to transition out of all fossil fuels basically immediately, and the new regulations and taxes make it not worth it.
This "transition to a green future" assumes the future tech exists now. As of now, it doesn't. What we're likely to wind up with is a Europe-like situation, where our regulations and the war on fossil fuels make all oil and gas production leave, and we can then say we won, while in reality just getting our energy from someplace else where they drill dirtier, like Venezuela or Russia, and where your dollars can support human rights abuses.
