Recently installed a 1995 Merc 150XRI recd from reliable source. Excellent compression exactly 130 across all cyls. After some ironing out issues motor ran perfect for the summer until last week. When approaching the last 20 feet to the dock after good day out, the alarm went off but fortunately I was able to shut it down within about 20 seconds or so.. Long story short, the motor is not oiling (no smoke at all). I know about the plastic gear, etc. but I didn't want to pull the pump at this time to confirm. I attached aux tank with pre mix so that I could run the engine, which seemed fine except for the alarm, revved up good, etc. I disconnected the tan/blue wire coming off the low oil warning module and all seemed well. Topped off my tank with pre mix fuel and reconnected the fuel line to the engine direct as usual. I put the boat in the water and all seemed fine. I have a very long no wake zone so I was able to get the engine warm and left the top off so I was able to check the temp of the cyl heads. When I was finally able to open up the throttle, the Eng. went to approx. 1500-2000 rpm, completely bogging down. I retried a half dozen times, same response. Idles "OK" , doesn't stumble going into gear, but will not rev up. Back to the dock, check my plugs, nice color and slightly wet, looked all over but couldn't find anything apparent wrong. I've been rebuilding engines all my life (not marine), but have ZERO experience with electronic components. Seems to me that the computer is either shutting off the fuel supply or not allowing any advance at all. I Tried reconnecting the alarm wire, no change. Still revs fine in neutral. I have a dozen ideas but don't want to just throw money at it because that never works. Thanks in advance to anyone that can help, Dave