BP: Oil's last stand?...Not quite

BP has caused everyone in the world to be nervous about oil companies for many years to come. Rightfully so, BP's stock has lost over 30% of its market capitalization and their debt has been downgraded in just weeks, as everybody wants to disassociate themselves from BP's ravaging of the Gulf of Mexico. While BP has been in free fall, BP's problems have caused other oil companies' stock to fall on less confidence in the oil industry. Companies like Exxon and Shell have taken a hit most likely because of a sell off of the oil industry in general after BP's catastrophe. What people do not realize is oil is still the worldest most demanded commidity and until a reliable alternative is found it will be for years to come. As well, the oil giants of the world are earnings machines with each company generating billions in profits each year. Therefore, now is the time to buy oil companies cheaper...with the obvious exception of BP, mother nature's worst enemy.