the pre-1971 world, the scarcity of capital meant most work in the energy sphere was managed top-down, with as few players as possible, in order to manage risk. Exxon produced the crude oil in foreign countries. Exxon shipped the crude home via tankers. Exxon refined the crude into fuel at refineries it owned. Exxon distributed that fuel to retail stations. Exxon’s network of franchises sold the fuel to consumers.
