I have doubled my stake and reduced my pps. Will sell half when oil hits $80. Seems like it is just a matter of time. I don't have to get richer today, but I will get richer. Oh yeah, and collect that dividend while I'm waiting for $80. Tell me if I am wrong in my thinking anywhere.
No, your logic seems good to me except for the price of oil hiting $80 as a sell trigger. I'm not sure I fully understand the correlation between the two since BWP transports natural gas and is fairly insulated from commodity prices.
My understanding is hedge funds are short selling MLP's right now and margin calls may have also triggered the sell off. This should create a short squeeze down the road.