Forget BP: Buy this Instead

The oil spill disaster in the Gulf of Mexico will alter the landscape for offshore drilling for decades to come. Uncertainty over new regulations, lawsuits and the near-term hit to business in the region have sent the share prices of many major players in the industry to multi-year lows. But at current valuations, shares of these major players are pricing in extremely negative outcomes and don't take into consideration that Gulf drilling is a small and declining percentage of global activity. As a result, I've found one major industry player that qualifies as "The Bargain Stock of the Year." After several months of high-level drama and extreme uncertainty, the oil spill in the Gulf appears to finally be under control. BP plc (NYSE: BP) is in the…