Petrobras has managed to disappoint its backers in new and novel ways. The oil giant vastly overspent to get those big oil fields ready for production, the Brazilian government sought onerous levels of taxes from the company, and investors had to sit idly by as the company issued massive blocks of new shares, leading to hefty dilution.
This week, President Barack Obama is taking the fight to "oil speculators" and "market manipulation" (nee "free enterprise"), demanding that traders put up more money for transactions and government ratchet up enforcement and monitoring.
How much truth is there in President Obama's latest favorite mantra that we consume a disproportionate share of the world's oil, especially considering how little of the world's reserves we have?
Democrats should be rooting for America’s oil and natural gas producers to succeed—the nine million people employed by the industry and millions of shareholders certainly are. Not cheering yet? You should be. In all likelihood, you are Big Oil.
Market index trends don’t affect whether I buy stocks, because there are always good stocks to buy: profitable companies with good chart patterns.
Moammar Gadhafi is dead. Abdelbaset al-Megrahi isn't. Despite his being convicted of planting the bomb that brought down Pan Am Flight 103 on the night of December 21, 1988, killing all 259 people aboard and 11 others on the ground when it crashed in the vicinity of Lockerbie, Scotland, scattering debris and bodies in its wake.
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