There’s no doubt the oil market has been very much in the news this year. What’s less certain is how to trade it. With the price of crude oil well off its summer high and gasoline prices dropping below $2.10 a gallon in some areas, it’s easy to see why people might think it’s too late to get in on the market’s big gains. But maybe it isn’t.

Search "oil stocks" online and you’ll find ample evidence of both bullish and bearish sentiment from the stock-picking community. On the bullish side, you’ll see, "It’s time to buy oil stocks, not sell them," "Oil stocks: Plenty of fuel left," and "Oil stocks’ high-octane surge." On the bearish side, you’ll find, "Oil stocks’ outperformance is over," "Oil stocks will keep falling," and "No reason to own oil stocks here."

For all the controversy, owning or trading stocks such as ExxonMobil (XOM), Chevron (CVX), ConocoPhillips (COP), Valero (VLO), or Marathon (MRO) isn’t the only way to participate in this market. It might not even be the best way.