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 - Box Plow Blues - by Tom Schwarz. One of the first implements most tractor owners obtain is the box plow. For very little money, this piece of equipment promises to plow and flatten any hill or vale on your ranch road or farm. At least that's what I thought! As simple as a box plow appears, it can be rather challenging to make work correctly. In our sandy soils of Florida, traction is king. You can never have wide enough tires or heavy enough weights to get all the traction you want … unless you own a monster tractor. U
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