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Deepwater Drillers: Not in a Very Deep Hole

I'm not an expert in this market, but I'm hearing that the price of oil needs to generally average over $70 a barrel for deep water drilling to be profitable long term. That means the price of oil needs to nearly double for the business model to work.

I'm sure there will be value there someday, but there's nothing here that is convincing me to be a buyer at this point in time.