My analysis earlier this year is still proving correct.  USL continues to outperform USO due to the way in which they invest in oil futures.  Since 6/11/09 USL is down 1% while USO is down 3% ..of course, since oil futures are 4% higher in that same period, it goes to show that there's really no way to get it perfect.  But at least I and others saved a couple percentage points while the herd buys up USO.