Is It Time Again to Invest In Oil Stocks?

Today Exxon Mobile reported how it plans to keep the world supplied with oil. Rex Tillerson, the CEO of Exxon reported a bunch of new findings and outlined his plan for the future.

From the Tillerson report, I heard that for the fifteenth year in a row, it had more new discoveries than current production. Tillerson also reported that the oil industry has the production levels to produce 4 or 5 million more barrels a day than the world consumes. When oil was going for the high price of $147 per barrel, there was only a mere 1 or 2 million excess capacity per day available.

The report from Tillerson in and of itself was quite interesting. What is even more interesting is that less than 1 year ago today, I could not find many articles on oil production that did not state we were running out of the product.

I had scoured cnn money, fortune, forbes, money magazine, CNBC, Fast Money on CNBC and the king of all oil pumpers, Jim Cramer. They were all endlessly reporting how oil was a commodity that was simply running out.

I do admit that I have a bone to pick with these prognosticators. I actually started listening to Jim Cramer when he would spout about how all oil plays were a must have in all portfolios. Not to mention the self-aggrandizing Dylan Radigan and his cohorts Guy Adami, Jeff Macke, Pete Najarian, and Karen Finerman from Fast Money.

If you will check back to their stock picks for oils stocks as little as 6 months ago, you will see them all down in the neighborhood of 50+%. Nice record. How can they now be the same people that are still all over the news spouting about how prices were out of hand.

It just burns me up every time I now see Mr Pompous Radigan and blowhard Jim Cramer being used as ‘experts’ on how to get through the recession. These bumbling boneheads were one of the main reasons why we are in this fix to begin with.

Thanks guys, can’t wait to see your next Matt Lauer interview.

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