I'm really tempted to buy call options, because of the effective leverage.
There's a good premium priced in there for volatility. Safer to sell puts right now and buy calls later.
I hope so, although the latest news about BP's liability and Obama's proposed compensation fund are likely to drive the price down further.
I'm buying into Scott Adam's declaration (which I would like to claim I came up with on my own before I was exposed to, but cannot clearly remember...) that they'll bounce back.
Exxon did rather well, even while being fined a year's worth of its profits.