I'm also interested in this subject.  I look at USO and think it looks cheap, but what macunix said occurred to me, too.  I think the big difference is that back in the 70's, oil spiked because of OPEC shutting off supplies.  This year, oil spiked out of OPECs control, IMO.  Call it speculation, peak oil, hurricanes, or other, but I just don't think the cause of the spike is the same. 

While I don't agree with peak oil's most dire predictions, I think the peak oil people have a point:  supplies can't last forever, and people have a habit of dithering until the crises is right on their doorstep.  (See current situation for an example.)  If we do goof around until oil supplies get really tight, that could lead to high prices down the line that a young investor like me can take long term advantage of.