I agree that there is a lot of better places than oil right now but it is a pure value play. If history repeats itself, 100K now is 250K in 3 to 5 years unless big oil is dead? Just like the other poster says, OPEC will cut production at some point and turmoil in the middle east or gulf of mexico hurricane, watch it soar.
In 2012, world energy consumption by power source was oil 31.4%, coal 29.0%, natural gas 21.3%, biofuels and waste 10.0%, nuclear 5.8%, and 'other' (hydro, peat, solar, wind, geothermal power, etc.) 1.1%. Oil, coal, and natural gas were the most popular energy fuels.  In 2012 all renewable energy was 1.1% of market share. Even if it has risen 300% up to 2015, it is still is less than 5% of market share. Renewables have a long, long, way to go. Fossil fuels rein supreme for at least another 25 years, probably more
It sure looks close to a bottom. All the bad news should be absorbed. Things will improve, but I wouldn't want to have a margin account. In 12 to 18 months, things will be a lot better. Republican President and it should really perk up.