MORE WOES FOR BP

It appears as though British Petroleum's (BP) latest attempt to seal the oil leak in the Gulf of Mexico has failed. I hate to see such bad luck befall such a good company. I was quick to sell my shares of BP, as soon as I heard about the disaster, since I thought it quite possible they would have a great deal of difficulty solving the problem. So I got my money out before the big drop in their stock price.

Let's face it though, it could have happened to any of the oil companies involved in offshore drilling. So for the time being, I'm avoiding any investments in oil companies. I certainly hope they get things under control as soon as possible, but I shudder to think of future litigation involving this disaster. It's possible that they will be able to cover the costs, they do rake in money hand over fist. But I think it's going to be a lot more difficult for them than it was for Exxon during the Exxon Valdez oil spill. More difficult and a lot more expensive.

I can't even imagine how they'll be able to overcome the bad publicity generated from this disaster. One thing I am sure of, if any corporation is capable of making a comeback from this type of event, I believe BP may just be the one. Still, I'm taking a wait and see approach. Like I said before, won't be investing in any oil companies anytime soon.

Today's Stock Trades, Regency Energy, BP

Decided to sell my stake in Regency Energy Partners (RGNC) for a quick 24% gain. I mentioned in an earlier post that I would consider selling if the gain went over 20%, just didn't think it would happen so soon. This frees up quite a bit of cash, so I've decided to reinvest the money in shares of ConAgra (CAG) and British Petroleum (BP). I like the dividend payouts and the long term prospects of both companies. My positions in both stocks are for the long haul, as long as the dividends hold up.

I'm still holding shares in a couple of energy limited partnerships. The dividend payouts are good on both, albeit a bit questionable due to recent earnings. Am hoping to trade out of both with a small profit, we'll see how it goes. I see from the news on CNBC.com that Warren Buffett is reiterating his advice to "buy American." I can't help but agree, since I'm still seeing what I consider bargains in some great stocks. My biggest regret is that I don't have the money to take advantage of everything I find. But I know that opportunities will always reveal themselves to people who look for them. I'm always on the look out for a great investment opportunity.