Exxon Mobil and Chevron CEO have both issued public statements, essentially saying that his gulf oil disaster was completely preventable and BP was negligent.
All I can say is wow!! I expected everyone in the oil industry to stay quiet, and not point the finger at one of their own.
BP CEO said today that no one has lost their job at BP because of the gulf oil disaster. Really what the heck? Perhaps BP CEO should be fired for gross negligence because no has been fired.
O'Bama has a speech tonight where he is expected to possibly announce that congress will push for a removal of the $74 million dollar liability cap. He may also announce that he doesn't just want the $74 million dollar liability cap increased, he may pursue having the liability cap removed completely.
If that occurs the cost of capital will increase tremendously for all oil companies.
To sum this up, for all you traders out there I would recommend selling some if not all positions into today's strength. The oil sector may drag the entire market down tomorrow, based on O'Bama's speech tonight. I wouldn't risk owning much ahead of his speech.
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