I ask the same question. The answer I think is that those willing to invest in Oil have been killed over the past 7 years. Those that will not invest in Oil really don't care. The exception is those interested in Lottery picks. By that I mean those investing in penny stocks like CPG. I do own some Lottery picks including CPG myself.
I believe $50 Oil is a reasonable thesis after the pandemic ends. So for instance I look at Feb 11, 2020 when Oil was at $49.94. Some good Oil companies like COP traded at $59 share on that date. So a 75% potential increase in price from the current $33.74 looks like a good risk/reward scenario. I am holding COP shares. I would like more shares below $30 with the potential for a near 100% return.
CVX was at $111 on Feb 11 and is now at $72. A 52% gain on an investment grade stock and member of the DJI seems like a good potential buy. I will add at $69 to my holdings.
The risk as I see it is that we seem to be entering a 2nd wave of the Corona virus. Things could get shut down again. So it is a great time to buy an Oil company with a good balance sheet. On the Canadian side I like SU as well.