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.

Oil Output and Supply… Let’s discuss the U.S. oil supply going forward. The U.S. presently consumes about 21 million barrels of oil per day. This is a mix of domestic output, much coming in small quantities from several hundred thousand old stripper wells, and imports.