Oil is part of a commodity group that will rise with inflation. Points to PPI above 3% vs. Fed's 2% target. On an inflation-adjusted basis, oil has gone nowhere since 1980 and is poised to move higher.

SLB will benefit from more activity in Venezuela. They are internationally focused, help big oil companies explore/execute, and profit from activity regardless of client profitability.

APA has a huge oil find off Suriname (near Venezuela) with Total, will start producing a lot of oil next year, is well-positioned in US natural gas, and is fundamentally cheap at <10x earnings vs. Chevron/Exxon at 20x.