thanks for the help all, todays oil move was just coincidental (but i think it will become more common)...i'm really looking at oil prices dropping for the next year/two/5....from what you guys brought up i've done a little research and i think i may end up playing a "put LEAP" on an oil company...

now i just have to figure out which one would be most affected by oil dropping (jc, you mentioned oxy, is that because of thier hedging? not hedging?)

any thoughts would be appreciated!