Google Fan

Boone Pickens' BP Capital Funds Down Significantly

User 238404 - could not agree more. I am a holder of Transocean (RIG), and in reading their financials, the only difference that the price of oil makes is a little less gravy on top of their record earnings. Some of their contracts are a fixed daily rate AND a premium on oil being over $80.00 a barrel. Some of those contracts were entered into in 2007 and will be effective until 2010 and beyond. So, until I see oil hit 80.00 I am not even going to blink. T Boone is no idiot, and has been through many recessions at his age. Nor are people in developing countries or the US going to stop driving any time soon. They can't afford an expensive hybrid, and will most likely continue to use their own car they have. Would you enter in to a new car loan in this environment, even if you could get a loan? Think it through, and then ask yourself, would you rather be in oil, cash, or retail in the long run?