This is not the first time I have seen oil executives dragged up before Congress to explain the rapid rise in gas prices. It's not even the second time. In my career covering Capitol Hill, I'm think this is time four or five.

The ritual is quite familiar by now -- the swearing in, the forced sense of outrage among senators/congressmen, and the inconclusive debate. No one really seems to be listening to the other side because that's not the point. The real goal is to score political points.

Even so, if you do try to listen, you might learn something. So here is what I learned today as top execs from US oil companies testified before the Senate Judiciary Committee:

1) Refining capacity is no longer a problem in the US. Oil executives used to complain about it all the time. Now they say they have put in enough capacity to meet demand. Interesting development.
2) The incremental barrel of oil is more expensive to produce, a factor that is going to be with us for a long time.
3) Greater efficiencies are the easiest energy solution out there. Chevron has started a new division to help companies become more fuel efficient. Average savings: 30%.
4) Remember how much you make. When asked, two of the executives said they were not sure how much they are paid. That prompted an embarrassing round of questioning that began "Is it more than $1 million?" Not pretty.