Cheap Oil

摘要

It's been a long time since integrated oil companies have gotten much respect from investors. During the mammoth run in crude oil prices from $20 to $147 between 2001 and 2008 shares of companies that drill, refine and distribute oil delivered unspectacular returns compared to stocks of smaller outfits in oil services or explorationrnand production. But the big oil companies were not insulated from last year's crash in oil and stock prices. They're pretty cheap now.