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One can look at likely rising oil and gasoline prices one of two ways. You can get frustrated, or you can profit from it by buying Schlumberger Ltd. (SLB), which is why I'm reiterating my buy rating for the company, first recommended on May 6, 2009 at a price of $56.09. If you bought SLB in May, you're up about 18%.Some in the oil sector remain concerned about the recovery in demand for oilfield services. Based on the growth track for emerging markets, that concern is not warranted: the natural gas segment may encounter some head-winds, near-term, because in that energy commodity, the glut of supply has actually been matched by a low price. But oil? Forget about it. Business is booming: the supply glut of oil has done little to lower its price, which shows one the many roles oil plays (alternative asset, inflation hedge, weak dollar hedge) in the modern economy, to Schlumberger's benefit. The First Call FY2009/FY2010 EPS estimates for SLB are $2.71 to $2.81.
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