oil companies have nowhere else to go but down due to major changes in consumption, production and alternatives
1. China , US and global consumption has been decreasing steadily over time.
2. The rise of alternatives like solar , wind is peaking up and becoming cost efficient. As a matter of fact emerging countries that we assumed will need more oil as their economies advanced are moving towards renewable energy rather than fossils.
3.Production has increased dramatically due to technology and shale resulting in more supply than demand.
The bottom line is oil is going the way of coal. you cant fight change and my recommendation is to short gold.