An oil-industry expert visits the Treasure Valley to help explain why gas prices have skyrocketed- and stayed there. The American Petroleum Institute's Chief Economist, John Felmy, explained why oil companies' profits can't be called obscene and how we could get out of such high gas prices.

Felmy sat down exclusively with Today's Channel 6 to answer some of the most controversial questions about the industry.

Felmy blames the price of crude oil for high prices. For example, at $116 a barrel (the current price), that averages out to $2.76 a gallon for crude alone. Tack on taxes, marketing, distribution; it all adds up to around four bucks a gallon.

Felmy also talks about off-shore drilling, a hot-button issue with politicians. He blames those politicans for stalling progress.

"It's politics as usual in Washington," Felmy said. "I continue to be disappointed in a whole host of groups who continue to say no to everything. It's the reason why we are where we are."

Felmy talks about the vast resources available offshore and how oil companies can hardly touch any of it. In fact, of all federal land and offshore waters, 85 percent is off-limits.

"We're only drilling in a small area," Felmy said. "We think there could be a vast area of resources we can develop if we're allowed to do it.'

Some argue it would take years to produce the oil. But the infrastructure is already there in California and Alaska to start drilling now.

"It depends on where you're drilling," Felmy said. "If you already have the infrastructure, you can increase production fairly quickly. The thing is adding more oil would reduce our imports and add supplies to the world. That's only beneficial."

Felmy talked about the "obscene" profits of the oil industry.

"Yes the earnings are large but when you look compared to other industries, they're not out of line," Felmy said.

That's because oil companies make seven to eight cents on the dollar, while other industries like banks and pharmaceuticals, make triple or even quadruple that. Felmy think it boils down to bad PR.

"We've done a lousy job [telling our story] and that's what our job is now," Felmy said. "Educating people on what the facts are because we feel strongly when people are really informed about the facts, they make the proper decisions."

We'll bring you much more on the interview Friday, August 15. You can also visit API's website, www.api.org, for more information and to take an energy IQ test to see how much you really know about the oil industry.