This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The 5 Dumbest Things on Wall Street: July 8

2. Drillers Play Dumb

Have our idiotic oil companies learned a thing from the BP (BP) tragedy? The latest wave of news from these not-so-slick drillers has us thinking the answer is not a drop.

U.S. federal documents revealed this week that Exxon Mobil (XOM - Get Report) took almost twice as long than it initially claimed to completely seal a burst pipeline that spilled tens of thousands of gallons of oil into the Yellowstone River in Montana over the weekend. The records showed that it took 56 minutes for Exxon to fully shut down the burst pipeline, which was longer than the 30 minutes the company stated on Tuesday.

Come on guys! Has it not sunk in that the smartest way to deal with messy environmental disasters is to come clean immediately? The cover-up is always worse than the crime and that goes double when the crime is covering up Yogi and Boo-Boo with globs of grease.

The government says the Yellowstone River oil deposits have already traveled downstream about 240 miles. Exxon initially said the leak would affect a 10-mile stretch of the river, but has since admitted that the leak's impact could spread beyond its initial estimates.

Now -- faster than you can say Valdez -- the government is playing hardball with Exxon. Unable to trust the energy giant, the Department of Transportation said it won't permit Exxon to resume the pipeline's operations until the company reburies the pipeline even deeper than before and submits a restart plan.

"The safety of our nation's pipelines is a priority and the investigation into this incident is ongoing," said DOT Secretary Ray LaHood said in a statement.

Meanwhile, half a world away off the Chinese coast, ConocoPhillips (COP - Get Report) is defending its role in a series of June oil leaks. The Chinese State Oceanic Administration said the oil covered over 300 square miles in the Penglai area of Bohai Bay, where ConocoPhillips operates seven production platforms along with Chinese partner CNOOC (CEO) .

ConocoPhillips' brass say they informed authorities as soon as the leaks were spotted. The environmental group Greenpeace, however, says the company took over two weeks to report the spill. And Chinese news reports are charging that Chinese authorities and Conoco have failed to provide enough information on the crisis. The press is citing complaints of dead fish, according to the AP, though they said it was unclear whether the deaths were oil-related.

Here's a hint guys. Generally, when you buy a can of sardines or tuna, it comes packed in olive oil. Not crude.
4 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.51 -0.53%
BK $33.28 -0.06%
COP $32.97 -4.20%
JPM $55.48 -1.90%
JOE $14.80 -1.00%


Chart of I:DJI
DOW 15,894.33 -132.72 -0.83%
S&P 500 1,840.99 -12.45 -0.67%
NASDAQ 4,243.6860 -40.0670 -0.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs