New housing developer in Williston.
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Tuesday, June 29, 2010
OT: Venezuela Likely to Nationalize H-P Rigs
Venezuela is likely to seize eleven (11) oil rigs owned by Tulsa-based Helmerich and Payne.
It's almost as tough being in the oil business in Venezuela as Louisiana now that the administration has nationalized the oil industry in the state of the Big Easy. Actually, it may be easier in Venezuela -- at least Venezuela is predictable.
Update, July 4, 2010: Yes, indeedy, Venezuela did nationalize these oil rigs. I just love the words governments and the media use to describe their actions. In this case, "nationalize" for "steal."
And it appears that the moratorium on drilling in the gulf will go on and on and on. The Obama administration canceled the next scheduled meeting to take another look at the moratorium. Venezuela steals rigs, calls it nationalization, and the US steals livelihoods, calling it a moratorium.
It's almost as tough being in the oil business in Venezuela as Louisiana now that the administration has nationalized the oil industry in the state of the Big Easy. Actually, it may be easier in Venezuela -- at least Venezuela is predictable.
Update, July 4, 2010: Yes, indeedy, Venezuela did nationalize these oil rigs. I just love the words governments and the media use to describe their actions. In this case, "nationalize" for "steal."
And it appears that the moratorium on drilling in the gulf will go on and on and on. The Obama administration canceled the next scheduled meeting to take another look at the moratorium. Venezuela steals rigs, calls it nationalization, and the US steals livelihoods, calling it a moratorium.
The Rule of Nines
On a day like this, I am reminded of something I suggested could come to pass in the not-too-distant future: a Dow of 9,000; oil at $90/barrel; and unemployment at 9%. Or if one is not quite so negative: a down of 10,000; oil at $100/barrel; and unemployment at 10%. Of course, we are practically there for all practical reasons, so this is no great shake, but it has to be a nightmare for the administration if things continue to go in the direction they seem to be going.
Again, if one is an agile trader (I am not) one should be able to do very well in this very volatile market. On the other hand, long term investors holding shares in companies paying nice dividends should be happy with some of their returns, and another opportunity to accumulate shares that are on sale.
Watching this economy and the politicians flounder (or is it "founder"?) reminds me of many classic country/western songs and their great hooks. Maybe some more of that later.
There is an interesting op-ed piece at MarketWatch today. I am particularly buoyed by the third myth, that the US is sliding into socialism.
There is more and more talk of deflation. I see suggestions of deflation in the fast food restaurants and not-so-fast restaurants as I travel around the country this summer. I honestly don't know how some of these restaurants continue to survive; the competition is severe.
Again, if one is an agile trader (I am not) one should be able to do very well in this very volatile market. On the other hand, long term investors holding shares in companies paying nice dividends should be happy with some of their returns, and another opportunity to accumulate shares that are on sale.
Watching this economy and the politicians flounder (or is it "founder"?) reminds me of many classic country/western songs and their great hooks. Maybe some more of that later.
There is an interesting op-ed piece at MarketWatch today. I am particularly buoyed by the third myth, that the US is sliding into socialism.
For a system allegedly being strangled in its bed, U.S. capitalism seems to be in astonishingly robust shape.And that's why I like to a) accumulate shares in good companies when I can; and, b) accumulate shares in companies that pay robust dividends. On a day that the market plummets, those companies are still going to be paying their dividends, and if one is able, can use the dividends to buy shares on sale.
Numbers published by the Federal Reserve a few weeks ago show that corporate profit margins have just hit record levels. Indeed. Andrew Smithers, the well-regarded financial consultant and author of "Wall Street Revalued," calculates from the Fed's latest Flow of Funds report that corporate profit margins rocketed to 36% in the first quarter. Since records began in 1947 they have never been this high. The highest they got under Ronald Reagan was 30%.
There is more and more talk of deflation. I see suggestions of deflation in the fast food restaurants and not-so-fast restaurants as I travel around the country this summer. I honestly don't know how some of these restaurants continue to survive; the competition is severe.
MDU Touted as Great Diversification Play
Investopedia has a nice article: looking at MDU as a diversification play.
CenterPoint Explores Expanding Pipeline
A while back I opined that the "big boys" see opportunities in natural gas. Here's another story suggesting this could be true: CenterPoint exploring possibility of expanding Haynesville natural gas pipeline.
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