Circumstances have changed in the 2 years since I posted that. I am more inclined to short oil stocks right now. I'm mostly waiting to see how things shake out with the new administration coming in.
However, I would be tempted to go long on some offshore drilling stocks. Most offshore drillers have already pulled in their rigs, so although oil itself may remain cheap, a shortage of rigs will need to be addressed. A lot of these offshore drilling companies have spent the last two years cutting debt. I like RIG, DVN, MRO, DO, but I think they are currently overpriced due to a run in November. When they come down, I'll start nibbling at those.