Is It Time to Get Bullish on Oil Stocks?

The average oil producer in the SPDR S&P Oil & Gas Exploration & Production ETF plunged 38%. While lower oil prices are partially to blame -- West Texas Intermediate, the main U.S. oil price benchmark, has lost about a third of its value during that timeframe -- oil producers have burned through billions of dollars in capital by drilling wells to grow production at all costs. Most oil producers spent the past year focused on reducing costs to survive at lower oil prices.