mixter

T. Boone Pickens' Stocks Struggle

Poor 'ole T. Boon "Pickpocket"! I bought some of his Messa L.P. Preferred on the advice of a wealthy man who was knowledgeable as to the investments of Rice University's endowment fund. Due to poor performance, the shares took a reverse split, so I ended up with one share for every eight shares purchased. The $15 per share original stock price ended up netting $34 for every $1,500 invested. Of course, 'ole T still drew a big salary, big bonus's, and flew around in a corporate jet all the while, until he was kicked out of his job by the larger investors.

I am sure he is a "good old boy" (especially if you are and Okla. State University supporter). However, the bottom line is that he can, and does, make mistakes just like the rest of us. Where he is different is, he just likes to take bigger risks.

I also recall feeling sorry for some people who lost their jobs due to his corporate raiding ventures in the 70's.

Houston to Obama: Smell the Oil

So, what is wrong with large profits if they are earned legally? Anyone who would admit to being a "dim-wit-O-crat" is an idiot, so what do I care what you think? I would just as soon want to know what Fidel Castro thinks!

Why I'm Not Buying Oil's Recent 'Correction'

All of you idiot market timers sell your oil stocks. I am a fourth generation "oily" and the history of the oil industry has been boom and bust since the Spindel Top discovery. There were bad times in 1931, when oil prices dropped to $0.60 per barrel from $1.23 the year before, hard times in the 50's, and then again in the 80's. What goes up will come down, and vice versa.

However, the history of the market usually works out to two steps forward, one step backward, then two steps forward, etc.

Geopolitics being what they are, and the stupid "dim-wit-O-craps" trying to eliminate utilization of fossil fuels in order to support Al "Gork's" global warming hoax, will insure that the market will not be "awash" in excess supply for some time. Alternative fuels can never compete with opening up a choke and letting a well flow thousands of barrels of oil per day.

One thing is for sure, the "dim-wit-O- craps" will always put party ahead of country every time as long as jerks like Reid and Pelosi are running things.

Petrobras: Set to Become a Global Oil Major - Barron's

NEWS FLASH!

The eleventh annual report of Amerada Corporation (now Hess) shows a loss for 1931, of $1,701,647.81 Net production of crude oil was 5,145,386 barrels.

The average price of crude oil in 1931 was $0.60 against $1.23 in 1930.

"General conditions in the oil industry are still far from favorable, but progress has been and is being made toward bringing about a healthy balance between supply and demand, particularly in the producing branch of the industry. There is no reason to believe that the acute over-production of crude oil existing during the last few years will be a permanent condition and your directors are confidently looking forward to a not very distant day when a low cost producer of crude oil can make a satisfactory profit.

(The above was copied from an actual Amerada annual report).

Where in the hell were the liberals with "Big Government" bail out programs? No where, thank God! Amerada managed to work its way through a tough period by the grace of good management, guts, determination, and the ultimate salvation, WW-ll. Of course, FDR would have liked to have taken credit for this, along with ending the depression, never mind the war economy!

Does Big Oil's Apathy Justify Proposals to Tax Windfall Profits?

Oil companies are in business to make legal profits for their shareholders. They are, just as their names imply, oil companies, not social responsibility, "do gooder" companies (although they do a lot of good of their own free will through contributions to charity and community projects). The owners of oil company stocks, union, teacher, and various retirement funds, in addition to millions of individual owners, would be very upset if a company's management strayed away from its basic business to develop alternate energy resources, when the financial return was not promising now, or in the future.

If "Big Oil" has such tremendous power to control oil prices, why haven't they done so in the past?

The world was awash in oil in the 50's. Oil companies were having gas wars, putting air in tires, washing windshields, checking the oil, giving green stamps and free glass ware in an attempt to obtain business. In my graduating class of 132 geology majors, only two were offered jobs in 1958.

The oil bust of the 1980's resulted in over 600,000 people losing their jobs and hundreds of oil related companies going out of business.

Does this sound like something that was being controlled?

Bush's New Drilling Proposal: Fixing a Hole

The obstructionist "Dim-wit-O-craps" object to more drilling saying it will not help. Just what do they think occurred that enabled us to have oil and gas supplies that we now enjoy and utilize. Could it have been the only thing that finds and provides us with oil, the drillers bit?

In their infinite stupidity, the "Dim-wit-O-craps" whine that "big oil" is not utilizing the federal leases they now have. For starters, not all if these tracts are economically productive. Off set acreage may have proven barren, which is not a favorable indicator that there is a good chance for potential production in the vicinity. Completed wells may be waiting for pipe lines or on shore facilities to be constructed so the oil or gas can be transported to market. Exploration (seismic or otherwise) may not have been completed, thus delaying drilling on the most favorable location. Off shore drilling rigs are in high demand, and there is a waiting period before they can be engaged and brought to location. Even if all the definitive exploration, evaluation, permitting, and equipment was in place, off shore drilling requires massive amounts of money. Even the largest oil corporations in the world could not afford to drill all of their leased acreage at the same time. Like any other business, they must budget their funds to the most likely prospects, and the ones where a return on investment is the quickest.

America's Energy Policy: Coming to Terms with Reality

The more "evil" profits the oil companies make, the more incentive there is for them to produce more oil. Also, others will invest where there is money to be made. For all of you "Dim-wit-O-crats", this is know as capitalism, or a free market economy!

More oil being produced will ultimately result in oil prices going down.

Duh!