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To: Elroy Jetson who wrote (70090)	8/4/2008 5:37:32 AM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

That was my line with BP Oil = investing for environmental protection is as good as investing for anything else, especially if the company has an advantage in environmental investment as Chevron obviously did and BP Oil did too. Chevron putting the squeeze on sulphur was a good example. A common objection inside BP Oil was the old thinking that they were in the oil business, whereas they were really in the investment business. Return on investment was what mattered, not getting the lowest cost way of getting some low quality goop through into vehicles and then into the atmosphere. Their focus on low capital investment was back to front. High capital investment for good things was the way to make heaps of money. Little companies without the skills were not in a position to compete with BP Oil's ability to invest in crude oil supplies, refining and technological developments to earn increased margins for premium fuels and see off the competition. Mqurice