Subject: Re: 13F : More Chevron
The photos in the article capture the time , I especially like the picture of a sign requesting motorists to turn off their motors and coast down the hill to conserve gas!

Yep!! 55mph speed limit on Interstate. Odd license numbers could buy gas one day, even numbers the next. Fist fights as people tried to cut in line. Trying to even find out which stations had gas. Windfall profits taxes. EOR projects via CO2 injection and polymer flooding become profitable. On and on ........

Exxon starts spending billions on projects outside of O&G - coal, uranium, copper, even power plants. Studied wind and solar in depth. Found they brought nothing new to the party so passed on those. Big R&D projects on converting coal to liquid fuels, mining shale in Colorado, EOR using surfactants. One pilot test in Missouri cost $100 million, and failed. The surfactants did their job, but bacteria in the formation ate up the biopolymer used in the water bank to push the chemicals through the formation. Lee Raymond later divested all these diversifications and refocused the company on O&G.

Those were the days my friend, we thought they'd never end. But they did. And the diversification by the non-OPEC O&G industry came back to bite OPEC in the butt. I worked at the interface between chemicals and the upstream during all the above. Quite an education.

Want to know why Exxon isn't interested in wind and solar in now? They had already studied it in depth decades earlier. No competitive advantages.