Bill Nygren (Trades, Portfolio) thinks that if you believe oil is going to stay at current levels long term, there aren't any energy stocks you should own.
He doesn't buy into long term low prices. The reasons why include what the contango in the futures curve is indicating, and the fact that no producers can make any money at current prices.
If drillers can't make a profit, they won't drill.
He also believes speculation has played a big part in driving down the price of oil.
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