The Chevron CVX has been fluctuating between 120 and 160 for four years, and it looks like it's about to break out. Warren Buffett's investments in the oil sector are finally about to bear fruit. Let's review Buffett's investments in the oil sector: In 2019, it spent $10 billion to purchase preferred shares of Occidental Petroleum; In the fourth quarter of 2020, they bought Chevron shares at a buy the dips, establishing a position of nearly 48.5 million shares. In the first quarter of 2022, it increased its holdings in Chevron by 120 million shares; throughout the year, it "sweeped up" 190 million shares of Occidental Petroleum, raising its shareholding ratio from 0 to 21.59%. In the fourth quarter of 2023, the company continued to increase its holdings in Chevron by nearly 16 million shares. By 2025, Chevron and Occidental Petroleum had firmly established themselves as Berkshire Hathaway's fifth and sixth largest holdings, respectively, with 120 million and 260 million shares. As the only U.S. oil giant allowed to maintain limited operations in Venezuela during the sanctions period, Chevron possessed an unparalleled first-mover advantage. The infrastructure of its joint ventures (such as Petropiar) remained relatively intact, and its technical personnel were still on staff. In the chaotic initial period after the takeover, Chevron was the only company capable of responding immediately and scaling up production. Buffett previously discussed his reasons for heavily investing in oil stocks: concerns about oil reserves and future uncertainties. Looking deeper, it's about the security of the resource supply chain.