Summary: In the past Crude Oil has made large moves without USO moving much. Along with that, USO has a low price, so we can use other stocks to trade oil. We can look at XLE, XOP, and OIH as alternatives to USO. According to [IV Rank](https://www.tastytrade.com/tt/learn/measuring-implied-volatility), the most overpriced is OIH. You’ll get paid the least in XLE, but it also (historically) moves the least. What underlying do Tom and Tony prefer? Tune in to find out and discover what strategies they might use in each proxy.
