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 - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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