Energy ETFs tend to focus entirely on oil and gas, and it's always worth thinking twice if you're buying anything at an all-time high (although in terms of real dollars oil is not at an alltime high).
Despite Goldman Sachs' recent prediction of $100/bb by end of year, there some indications that oil won't go a lot higher.
http://www.businessweek.com/magazine...2038_mz011.htm
An interesting contrarian take on supply.
natedogg