by Jeff Siegel
The lip service in Washington is just getting out of control. Obama slams the oil companies, declaring that the cozy relationship between the oil industry and federal regulators is going to end.
Why did we have to wait until this disaster before the President decided to make such a bold declaration?
Ranking member of the Senate Energy and Natural Resources Committee, Lisa Murkowski, has introduced legislation that would make sure BP meets its commitment to pay all the claims from this oil spill. Do we really need legislation for this?
Should we expect BP to walk away from its obligations if there is no legislation? Give me a break.
Screw legislation. If they don't pay up, arm the victims and let 'em loose on the bastards! And of course, we can't forget the gaggle of senators that put on that dog and pony show a couple of weeks ago...
What I find interesting is that they didn't get around to mentioning the $8,603,375 that's been ponied up in campaign contributions from the oil and gas industry this year... But not a second was wasted creating a very well-publicized lecture, complete with questions they all knew would amount to nothing more than finger-pointing.
Of course, they never seem to ask the most important question of all: How many hoops do we have to jump through before we realize that our dependence on oil is destroying this country?
Drill Baby, Shhhh!!!
This isn't rocket science, folks.
The cost of this oil spill is now expected to run as high as $12.5 billion, and I think that's a conservative estimate.
Let's face it: No one really knows what the long-term effects will be to the now oil-laden ecosystems that help cycle our water and shoulder our food chain.
What is the value of a wetland that can no longer support fish stocks, filter pollution or stabilize shorelines? I bet it's a hell of a lot more than $12.5 billion.
There's no reliable data on that just yet, although I suspect we'll find out soon enough...
In the meantime, the tone is once again changing in the U.S. when it comes to offshore oil. The echoes of "drill, baby, drill" have nearly gone silent; the anti-clean energy rhetoric has been hard to come by these past few weeks.
Does this mean we could be looking at the end of domestic offshore oil exploration?
Not a chance. The demand for oil is alive and well. But with this recent tragedy, you better believe that alternatives are getting another boost of momentum. And whether it's with natural gas trucks, electric cars, high-speed rail, or increased fuel economy standards, Green Chip investors have yet another opportunity now to profit from those technologies and initiatives that are helping us lessen our dependence on oil.
In fact my colleague Nick Hodge has landed 4 double-digit gains in the past month — just from cleantech stocks alone.
Take a look:
Calgon Carbon (NYSE: CCC-OLD) – Sold for a 21.45% gain
Romag Holdings (LSE: ROM) – Sold for a 17.9% gain
Power-Save (OTCBB: PWSV.OB) – Sold for a 77.7% gain
Cosan (NYSE: CZZ) – Sold for a 60.8% gain
And he's got five more — all in double-digit territory as we speak — that he recommended earlier this week... while the Dow was tanking!
Disclosure: No positions