Bankers Petroleum (BNK:TSX) - New Stock Buy
The price of gas is killing me - it costs me $70 to fill up my tank. Americans think their gas is expensive, but in Canada my friends and family are paying around 40% more. There good ‘ol socialism at work. It’s really only the taxes that make the majority of the difference. Anyways, I’ve been thinking lately that I should start investing in oil, essentially hedging myself against future rises in the price of gas at the pump. If gas increases by 10% and my oil stocks increase by 10%, it should help offset any difference. Ideally, however, I’d like to make more than just offsetting the price of gas. Anyways, acting on a stock tip from a friend, I researched and decided to buy Bankers Petroleum (BNK) on the TSX. I bought it at 1.70, so we’ll see what happens.
