In the U.S., smaller energy companies involved in fracking are at risk of going under if oil stays around $50. Larger companies, like Exxon and Chevron, are more diversified; they refine oil, sell fuel to consumers directly, refine/sell jet fuel, and have more traditional, cheaper sources of oil. Also, Chevron pays a 4% dividend. I would feel more comfortable investing in these than in an index fund. Please understand that my primary investments are in Vanguard ETFs like VTI, so it's not that I'm against index investing ... just afraid to put money into newer, smaller energy companies at these oil price levels so avoiding energy ETFs.