Presidential Address today, what will oil prices do? (fund, stocks, buying)
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I'm betting the market is going to go down tommorow due to the presidential address today, but oil is going up. Obama says he is shutting down offshore drilling until they fully understand what when wrong. He is also taking over BP to make sure they pay out everybody on the gulf coast. His words not mine. I think the market is going to react negatively, any other thoughts?
Tonight speach (Long term) will make no difference, The market will freq for few days, then seatle down. Over the next 20/30 years if the US comes up with a energy plan and stucks it it we can get off of alot of oil, but something will alway need oil, and the rest of the world will still be buying it.
Obama's rhetoric won't change energy policy overnight. All the more reason to load up on big oil stocks, particularly if obama makes us even more reliant on foreign oil by curtailing domestic production.
In assuring Americans on Tuesday that BP won't control the compensation fund for Gulf oil spill recovery, President Barack Obama failed to mention that the government won't control it, either.
That means it's anyone's guess whether the government can, in fact, make BP pay all costs related to the spill.
One item that seem to being missed. BP overlimit ins coverage is from AIG. Who owns AIG. US taxpayers. So if the gov get BP to put up a few billion AIG will have to pay it. AIG will need money and it will get it from the taxpayers.
One item that seem to being missed. BP overlimit ins coverage is from AIG. Who owns AIG. US taxpayers. So if the gov get BP to put up a few billion AIG will have to pay it. AIG will need money and it will get it from the taxpayers.
i am no oil expert, but given that we have so much barrels of oil pumping out of our coast, should we not do more research into how we can harvest all that potential oil instead of a moritorium???
740 million gals of oil are released into the ocean every year (from motor oil dumped by people, and natural ocean floor seeps). People need to relax. An article I read last week said the oil spill has killed 38 birds. Do people know how many birds die every day from hunters in the country? Relax people. The media is blowing this way out of proportion. These fisherman know that fishing in the gulf is a risk-- just like the farmer knows that farming has risk of drought. No one comes and pays me when the risks I take don't make me money...
Also, the real people to blame for this are the environmentalists. They are why BP was drilling in 5000' deep water in the first place (the environmentalist pushed for regulations to stop drilling near the shore). If this well was drilled near the shore, then this so called "disaster" (as the media would have you believe) would have been capped in one day.
Also, Obama is just making it harder for BP to pay back its damages. Good job Obama! Another failure. When are we going to kick him out and elect someone who knows what they are talking about?
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