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Drill, baby, drill was the calling card of the Republican Party during the last presidential election.
With high oil prices and rising demand, finding new sources of oil is imperative. Given environmental concerns, offshore drilling is one space that still offers meaningful potential to increase domestic supply.
Diamond Offshore Drilling (NYSE: DO) operates some 45 deep water rigs that are keeping extraordinarily busy with oil prices on the rise.
The stock market is up more than 46% this year, given the value of current contracts and speculation that more drilling may happen in the near future.
But more drilling may be wishful thinking considering the position of the new administration. If oil prices fall in the near term, much of DO's gains may evaporate quickly.
There is no shame in locking in profits, especially considering the fragile state of the global economy.
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Reader Comments (Page 1 of 1)
6-28-2009 @ 11:09AM
farmer0904 said...
i 'm a Democrat though and though but if drilling would help i would say drill baby too, but drilling is not the answer and there is no need to drill as we have more supply then demand. so talk of drilling is really non productive in this case oh oil prices that were going back up. one things for sure the greedy oil company's have more supply then demand so they cant blame the recent higher prices on supply and demand.