We’ve been watching shares of stocks affected by the BP Gulf spill. Last week when I wrote that we were watching rather than buying, many critics said the shares would jump long before the news turned better. However, the news was worsening last week even ahead of the failed top-kill attempt, and waiting proved to be the right approach.
The same uncertainty lingers, and now the worst-case estimates for stopping the leak have moved from the end of July to December. As unthinkable as that appears at first glance, scientists and petroleum engineers are thinking it.
With politicians eager to score points by coming down hard on the oil industry (from which they collect so much money), the potential for more panicky exits from shares in companies with cloudy profit projections remains high.
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