Kids/JMD – Stock makes a good point, UCO decays too much to be a good long-term investment and USO is OK but also it's an ETF, it doesn't create anything.  OIH is an ETF of companies that benefit from a rise in oil prices and it pays a 2.5% dividend while you wait.  

A nice, long-term play on OIH would be selling the 2017 $30 puts for $4.30, which is net $25.70 on the entry (22% off the current price) and that, by itself, is a 166% return on $2,575 of ordinary margin (according to TOS) so there's a nice way to initiate a position.  If you want to be more aggressive, you can add 2x of the $30/35 bull call spreads at $2.50 for net 0.70 ($700) on each $10 ($1,000) worth of spreads.  Let's put 10 of those in the LTP.  

Another stock I think has suffered enough is FCX.  FCX is 60% copper and 20% oil and gas (boy, did they pick the wrong time to diversify!) and 10% gold – none of which are working at the moment.  In our LTP, we already sold 10 of the 2017 $15 puts for $3 and they are now $3.15 for a nice net $11.85 entry.

I want to keep our short $15 puts in the LTP but let's take advantage of this dip to go long with 10 2017 $15/23 bull call spreads $2.70 ($2,700), which will leave us with a $300 credit on the position with a potential for $8,000 of upside (+2,766% on cash).  TOS says the margin on those short $15 puts is just $1,500, so a very margin-efficient trade as well!