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Jim Kingsdale wrote an article on Seeking Alpha yesterday entitled "A Case For Retreating From Oil Investments." I wrote the following piece in the Comments section, but have decided to submit it as a complete article as well. I have been bullish on oil and gas for more than a year, beginning well before oil crossed $100, and I remain so today. Although I have been bullish on oil, I never called for oil to hit $150 this year, or, perish the thought, $200.

In an article I published here in early 2008, I said I expected oil to cross $100, cross $110 and test $120, but then spend most of this

Roger Conrad offers a specialized newsletter for sophisticated income investors; his Canadian Edge, focuses on high yielding investments north of the border.

Bucking the market trend, he notes that the nine Canadian oil and gas producers in his portfolio have returned nearly 50% in the first half of 2008. Here, he looks at Provident Energy Trust (NYSE: PVX).

"The 24% year-to-date return from Provident Energy Trust actually more out of step with the torrid gains in other oil and gas sector trusts. The question: Are there real reasons to expect these trusts’ first half 2008 underperformance to