in the long run, what it comes down to is whether oil prices in the coming years will make $60/barrel look expensive or cheap. i have no idea on how to trade futures, so i'll be doing some indepth fundamental research on smallcap oil stocks in the next couple weeks.
in fact, i've spent the last hour checking out a company which specializes in oil exploration. i'm not going to post up the chart until monday's open, however, because i have to see how the stock opens tomorrow to get a better idea of the risk/benefit assessment before i establish a position. in the meantime, you can check out ABLE and GEOI which are popular oil stocks for short-term traders. also, i found FickleTrader's chart on XOM to be pretty interesting as well.
anyway, since i don't understand oil at all, i've been reading this website which talks about how oil drilling works. i also read about how gas prices work, since i've always been curious. its a pretty useful read and theres a lot of other articles to read for fun on the website.