The California energy commission has begun hearings investigating why gas prices have recently spiked so high, but the empty chairs at the first hearing stole the spotlight. Those chairs were reserved for oil company executives who didn't show up as their companies post record profits.

To discuss further, KCBS Radio's Patti Reising and Bret Burkhart spoke with Severin Borenstein, faculty director at the Energy Institute at U-C Berkeley's Haas School of Business.