Marc Courtenay

Brazil and Petrobras Are Awash in New Oil

Thanks for all the helpful comments and insights. Looks like the oil refineries dodged a bullet with Hurricane Ike and early indicators on the damage to offshore drilling rigs and platforms also seems like Ike's path spared most of the big rigs.
Now I'm not a CFA when it comes to stocks, but if you compare the Key Statistics, The Balance Sheet and The Cash Flow Statements of PBR vs. say ConocoPhillips (NYSE:COP), I'd personally rather own COP right now and avoid the political risk.
As Steve mentions in his comment, I'd want to wait until the Brazilian government announces its plans and intentions for PBR before I'd own a single share. Just my perspective, but a valid caveat right now.
One other things, if there are more bank failures and more Lehman's dangling on the cliff, some of the loans to hedge funds could be called in and more forced liquidations ensue. If that happens there would be more downside pressure on commodity prices, especially oil, gas and precious metals. Not for sure, but a real possibility.