well, I have stayed away from oil stocks as you suggested...
but I am getting pretty close to pulling the trigger, if oil breaks $30-$35, I will be buying RJN (Rogers Energy ETN). I like oil much better than the US$. Have already purchased RJA (Rogers Agricultural ETN) for the same reason. I trust cash and gold/silver the most, especially in a safe, and then the Rogers RJA.
Oil & Gas will soon be a buy (i.e. the physical commodity), as long as drill rigs continue to fall. Demand may continue to fall BUT pretty soon the decline in Supply will be steeper than the fall in demand..., IMO.
Being an owner of several oil & gas royalty and working interest properties, I can tell you that the 1st year decline rates for new wells is 40% with the fracing technology. Wells that were drilled 5 years ago are now less than 10% of original production. Within 2 years maximum, price of oil will be rising again unless we are living in caves and walking to work...