Unless you already have some of your assets in oil or some that are affiliated with oil (such as a refinery, driller or explorer) then chances are you are not gaining anything from these high prices. ETFs allow everyday people access to the boom in oil with a basket of oil companies, reports Joanne Von Alroth for Investors Business Daily. Some of the ETFs available include:
• Oil Services HOLDRs (OIH): Invests in a specified group of oil services companies.
• PowerShares Dynamic Oil & Gas Services (PXJ): A mid-cap growth fund that tracks the performance of oil and gas equipment, services and drilling companies.
• iShares DJ US Oil Equipment (IEZ): Includes companies that are suppliers of equipment or services to oil fields and offshore platforms, such as drilling, exploration, engineering, logistics, seismic information services and platform construction.
• Energy Select Sector SPDR (XLE): big oil companies that develop and produce crude oil and natural gas, and provide drilling and other energy-related services.
OIH, PXJ, IEZ, XLE 1-yr chart: