Updated: an absolute joke. More about confiscation than anything else. No silver linings or potential prosperity to be found in this bad situation. Now we’ll get a few more bureaucracies – one commission to figure out the cause of the spill and another to administer relief money from BP.
Nobody wins here right now, and The Great Orator offered little in the way of solace to the stricken. Also, there was not much in the way of progress for alternative fuels. No natural gas mention, just more nonsense about wind energy and other Dr Seuss-ian fantasy fuels.
Good luck putting a sail on an 18 wheeler. Whatever, Barack. Go back to bed.
The guys down here are only interested in a few items out of President Obama‘s Oval Office Address this evening.
1. Rhetoric: As we speak, Transocean ($RIG) is up over 7% having lived through a “month without a bottom”. BP ($BP) is green as well, staying above the $30 mark. These stocks are anticipating less talk about “ass-kicking” and a more constructive discussion on liability and some clarification on the offshore drilling moratorium.
2. Natural Gas: Will he or won’t he? Obama’s been in the tank with the fictitious “Clean Coal” consortium since day one, but a couple of weeks back he finally mentioned natural gas in a positive light. Nat gas and its related stocks have been on fire for days going into this. Even the radioactive Nat Gas ETF whose name must not be spoken has been rallying. Hard. Based on the single stock price action I’m seeing, the traders are betting that Obama mentions nat gas as a viable alternative fuel.
3. The Dividend: Will the US government continue its mission to make all decisions for private companies? Will the Prez weigh in on whether or not BP “has the right to pay a dividend?” If so, the ramifications could be significant (read: not so cool).
Anyway, these are the items me and my guys are listening and watching for tonight. How about you?