With BP's problem in Gulf coast not getting resolved, I would think that it is time to buy oil stock or ETF. Reason is problems never linger for ever. BP will overcome Gulf problem if not today then tomorrow. Once that happens BP's stock will shoot up. Also with the loss of oil that BP had in Gulf coast there are chances that new oil drilling will not be starting any soon.
So unless any special alternate energy resource comes in our dependency on oil will remain and with less drilling OIL will go up.
What are your views on buying oil stocks or ETF?
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