Russell G. Thompson University of Houston The 1980s were turbulent years for publicly traded oil companies. High real oil prices typified the early 1980s, whereas low real oil prices typified the early 1990s. In recent years, the large publicly traded oil companies have been restructuring and downsizing to improve efficiency. Non-U.S. exploration expenditures, relative to U.S. outlays, have been rising; however, earnings from the new non-U.S. investments have not yet materialized. The former OGJ4OO has become the OGJ300. As reported earlier this year, "In the past 7 years, profits for U.S. companies have been depressed...Th...

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