One can look at likely rising oil and gasoline prices one of two ways. You can get frustrated, or you can profit from it by buying Schlumberger Ltd. (SLB), which is why I'm reiterating my buy rating for the company, first recommended on May 6, 2009 at a price of $56.09. If you bought SLB in May, you're up about 18%.

Some in the oil sector remain concerned about the recovery in demand for oilfield services. Based on the growth track for emerging markets, that concern is not warranted: the natural gas segment may encounter some head-winds, near-term, because in that energy commodity, the glut of supply has actually been matched by a low price. But oil? Forget about it. Business is booming: the supply glut of oil has done little to lower its price, which shows one the many roles oil plays (alternative asset, inflation hedge, weak dollar hedge) in the modern economy, to Schlumberger's benefit. The First Call FY2009/FY2010 EPS estimates for SLB are $2.71 to $2.81.

For a quick "economic upper," check out the recent Columbia University forum on business and the U.S. economy featuring Bill Gates and Warren Buffett, which will undoubtedly be re-broadcast on CNBC during the holiday season. Amey Stone of DailyFinance has a good summary of the event.

One key takeaway: Gates, whose company Microsoft (MSFT) invented computer operating systems and software that revolutionized the business world, is now forecasting that alternative sources of energy will soon be discovered. These are not only cheaper than current energy forms, but also environmentally friendly.

The Street.com's Jim Cramer says that OPEC may take oil out of the equity-market equation and make stock-picking matter again.

If OPEC says it likes an oil price in the $75-78 range, as it said today, we could be looking at a nirvana moment for stocks. We know that any time oil bounces, the S&P 500 futures go up. Any time it goes down, the S&P futures go down. But if OPEC wants to keep it right here, we take oil out of the equation and make stock-picking matter again.

Right now, the Saudis are telling the big oil-shipping companies that they want to bring 1 million barrels a day into the market straight away to keep oil below $80. That can be used to overwhelm the speculators who are tying up as much as 20% of the oil fleet in the world to keep oil off the market and buoy its price. But they will not bring the oil to the market below $75.

The price of oil has risen from about $30 per barrel at the height of the economic recession to the present $77 per barrel. Much of the increase is due to the weakness in the U.S. dollar. Rex Tillerson, CEO of Exxon Mobil (XOM) told CNBC: "If you put the price of oil, which is priced in dollars around the world, and if you look at what some effects are with the weak dollar -- in our view that is contributing $20 to $25 dollars per barrel to the price."

Globally, Tillerson said, oil is well supplied with historic high inventory levels, especially in the U.S. This is causing the market to be a "bit soft," according to Tillerson.

TheStreet.com's Jim Cramer says if the market made sense, you could buy retail and restaurants off the lower oil price.

Here's the pattern: We get shelled by oil. It drops to $76 or $77, all energy goes down, and it takes everything else with it. Some of tech has been spared lately because of 3Com (COMS) (Cramer's Take).

Then, in the following couple of days, oil stabilizes (but not after it hurts the oils again), rallies, and everything goes with it.

That's what's been occurring. I don't know why it's any different. In this moment in time, it's often best to buy the most hammered natural gas stocks because they come back fast. The best value is Devon (DVN) (Cramer's Take), but it simply isn't down enough. Apache (APA) (Cramer's Take) would make sense below $60, which is still a ways from here.

According to the International Energy Agency (IEA), global energy use is going to fall this year. That said, the group also believes that energy use will resume its upward trend, should government policies remain the same.

Looking far ahead, the IEA believes that the world's demand is projected to rise by 40% between now and 2030, when demand is estimated to hit 16.8 billion tons of oil equivalent.

It's now or never, from a return on equity standpoint, with Cameron International Corporation (CAM), first recommended on April 24, 2009, at a price of $25.59. If you bought in April, you're up about 60%. I'm reiterating my buy rating, but there are qualifications.

Look for Cameron to continue to benefit from longer-term demand for oilfield capital equipment and deepwater support equipment, on likely, ramping oil demand in the immediate years ahead.

So far, institutional investors (IIs) have not noticed that Hess Corp.'s (NYSE: HES) upstream operations (exploration and production) should benefit from high oil prices in the $80 per barrel range. But the argument here is that eventually they will, preferably starting in early 2010, which is why I'm reiterating my Buy rating for the company, first recommended on April 22, 2009 at a price of $50.41.

Right now, IIs are fixated on the lower margins of downstream operations, which Hess and other refiners are coping with, as a result of recession-induced sluggish U.S. gasoline sales. The First Call FY2009/FY2010 EPS estimates for HES are $1.63 to $3.66.

Under the radar: Some trends are obvious enough and visible to all investors. Others are more-subtle, but are just as potent, and these often slip 'under the radar.'

Case in point: Saudi Arabia's oil exports to the United States have fallen to a 22-year low, at 745,000 barrels per day (bpd) in August, the latest month for which data is available, from 1.14 million bpd in July, according to data compiled by the U.S. Energy Information Agency. August's 745,000 bpd total is the lowest since December 1987. On a year-over-year basis (August 2008-August 2009), those exports are down about 50%.

Climate change isn't going to be free. A report by Point Carbon, an independent consulting company that tracks global carbon and energy markets, estimates that U.S. climate legislation could push the price at the pump 13 cents a gallon higher. The increase would result from the cost to oil companies for carbon permits, which they can pass along to consumers.

This is a much rosier view than that of the oil industry, however, which believes a U.S. cap-and-trade system would thrash demand for gasoline and lead to the shuttering of many refineries.

Oil giant Chevron Corp. (NYSE: CVX) will get its chance to impress Wall Street before the market opens Friday when it reports its third quarter results.

The last time the company reported earnings was back in July when it was unable to meet analyst estimates by posting 87 cents per share verse estimates for 95 cents. Traders seem optimistic that the company will meet expectations this time around and are driving the stock up 2.5% in today's trading.

The housing bubble and subsequent "Great Recession" have tarnished the stars of a good many of the world's financial wizards, such as the former heads at Lehman Bros. and Merrill Lynch. But one respected image remains -- perhaps unsurprisingly -- on top: Warren Buffett, chairman and CEO at Berkshire Hathaway Inc. (NYSE: BRK.A).

That's according to a recent quarterly poll of investors, traders, and analysts who subscribe to Bloomberg terminals, those somewhat cryptic news and data computers that are ubiquitous on Wall Street. Buffett, who received favorable nods from 25% of those participating in the poll, walked away with a plurality of the vote, Bloomberg News reported.

Whatever happened to those forecasts for $20-30 oil? Oil, which traded Friday at about $80 per barrel, is up more than 100% in the past 12 months, and the U.S./global economic recoveries have just started, which is why I'm reiterating my Buy rating for BP plc (NYSE: BP), first recommended on March 26, 2009 at a price of $41.72. If you bought BP then, you're up about 30%.

After a challenging 2009, look for BP to improve its fundamentals over the next 2-4 years, with continued, superior oil/natural gas reserve replacement, and restructured, more-efficient downstream operations. Revenue will total only about $220-$230 billion in FY2009, but will rebound to better than $300 billion in FY2010 -- and the latter assumes only a $55-65 per barrel oil price: crude will likely average a much higher price in 2010, assuming the global recovery does not stall.

Anadarko Petroleum (NYSE: APC - option chain) stock is trading lower today the company said a well off the coast of the Ivory Coast revealed no hydrocarbons. APC had drilled to a total depth of approximately 14,900 feet in about 6,100 feet of water. Even a lift in crude oil prices to another year high is not enough to keep APC from falling 5% on this news. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on APC.

This morning, APC opened at $65.58. So far today the stock has hit a high of $67.20 and a low of $64.85. As of 11:45, APC is trading at $65.62, down $3.74 (-5.4%). The chart for APC looks neutral and S&P gives APC a neutral 3 STARS (out of 5) hold ranking.

The U.S. dollar continued to decline today, and has helped push gold prices up sharply in today's action.

The dollar has been very weak lately, and as more concern mounts of the dollar's strength more investors are rushing into the precious metal, which traded up as high as $1,069.70 today, and is currently up $1.70 an ounce to $1,059.20.