One can watch the option IV30 to see an indication of interest in energy shares and where opportunity may lie.
I have mentioned CPE before. http://www.cboe.com/delayedquote/quote-table
CPE Nov $5 Calls have a beautiful IV30 of ~ 1.3. One can buy CPE at $4.70 and sell Nov $5 Calls for ~$.65. Now, if oil goes crazy and CPE runs away, the return would be $.65+$.30 = $.95 on $4.70.
If nothing happens, simply sell $5 Dec Calls.
If oil goes to hell - everyone here will suffer. Buyers of CPE would have $.65 of loss protection.
IMO this is a beautiful play.