If oil prices stay elevated, billions of dollars will flow to oil companies and their investors. Where might you put your money, in pursuit of petrodollars?
Big oil: Major oil companies are relatively low-risk but they seem to have little opportunity for growth.
Exploration and production (E&P) companies. At elevated oil prices, the value of their reserves will be substantial. However, there are few places in the world where you can get oil and bring it out safely, because of political issues. You should focus on companies that operate mainly in North America or in politically friendly countries.
Oil services companies. They provide drilling rigs and related services to E&P companies. They are really technology companies but they often are priced like industrials, with low price-to-earnings multiples, so they might be good buys.