Where for art thou, multiple expansion?

Much has been written about the lack of multiple expansion during the recent bull run since the '02 lows. A comparable"lack of multiple expansion" exists with the oil patch/$osx.



Notice how $osx was much higher in the past when oil was in the $10-$30 range. Will 2006 be the year that $osx approaches its old highs vis-a-vis crude oil? If yes, Cramer is right....buy the drillers.