Legendary investor Warren Buffett has done very well over the decades buying shares of blue chip companies such as American Express (NYSE: AXP) and Wal-Mart (NYSE: WMT) that were down in the short term due to temporary problems.

That is a major reason why “The Oracle of Omaha” is worth of $50 billion!

That is the long term approach that individual investors should take with BP PLC (NYSE: BP), Europe’s second largest oil and natural gas company.  Due to the explosion at the Deep Horizon rig in the Gulf of Mexico, BP has been trailing other Big Oil stocks such as Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM).  While it will take a long time, BP PLC is slowly starting to recover.

BP PLC is down for the last quarter, six months, and year of market action (chart below).

For 2014, it is off by more than 8.25 percent.  That is opposite the performance the of ExxonMobil and Chevron.  It is also in the midst of another bull market year.

But BP PLC, like all major oil and natural gas firms, has a positive future.  There are both specific and overall factors for that.  All point to bullish days ahead for BP PLC.

There is a strong outlook for major energy firms.

The demand for oil and natural gas will grow.  All major reports and studies point to that conclusion.  When China, India, and other emerging market nations shift into high gear, there will be an accelerated upward trajectory for BP PLC, Chevron, ExxonMobil, and others in the sector.

Specifically, BP PLC is well placed to grow when it shakes off its legal woes.

It has a global presence.  The earnings outlook is bullish. There is also a dividend yield of over 5 percent to reward long term investors in BP PLC!