So what is your opinion of the best way to go long? 3X ETF kills the long position, Options get caught up in contango as well and by the time price recovers it's more like 2 Qs instead of 2 months. While the glut is consumed, the HR side of the drilling infrastructure gets laid off as rigs get parked till drilling is economic again. By the time prices recover cheap oil will have driven demand up globally (Because who can say no to a sale seriously?) to a level that should overwhelm the capacity for unconventional resource plays to ramp back up the reason we are here in there first place. So say 2 years from now we are inclined to believe that oil will be back above 100. What then?