Woohoo!
I'm not actually jumping with joy, but I'm still quite pleased. Every dollar that oil goes up, my returns from the oil well I've invested in go up along with it.
My calculations on the returns was based on my crude oil selling $55 dollars per barrel. With oil trading at $78 I can expect to sell my lite sweet crude for roughly $68/barrel. Thats a 23% increase in profits with no change in expenses or production!
Sure my gas expenditure goes up, and eventually it will push up the price of almost everything else, but so long as I keep my profits higher than the amount of increase, I'm ahead.
Its always good to hedge one bets and diversify a little bit.
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