With a Cap-and-Trade vote imminent, speculation is growing by the minute. What if Congress pulls off major reform? How will the economy react? Who will be the winners? The losers?

On April 1 — April Fool’s Day, appropriately enough — Rep. Edward J. Markey (D-Mass.) held a nearly 3-hr hearing before the House Select Committee on Energy Independence and Global Warming. One of the participants was Chevron Corp. Vice-Chairman Peter J. Robertson, who made some excellent points.