Not a hoax. BP's market cap went up by $7,000,000,000 (that's billions) after the announcement. Production is many years away.
Still plenty of oil in the Gulf of Mexico. They still haven't drilled anything east of New Orleans all the way around to the Florida Straights, the body of water between Cuba and Florida. Some of those oil bearing blocks have only been recently released for exploration.
If you want action in the oil sector, look at the Gulf of Guinea off the West Coast of Africa. Sinopec (China) just paid 7.2 billion for a small exploration and production company, Addax Petroleum. They are drilling now and will probably scoop up others with their surplus of depreciating US dollars. Yep, the dollar got clobbered today. Look what happened to gold.
Anyway, click the link for the next likely Sinopec purchase.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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