It is probably the right time to jump to the energy stocks again. I just bought several hundred shares of ConocoPhillips (COP).

Whether late August proves to be a historic turning point for oil markets or the beginning of an interim correction remains to be seen, but it has opened up some intriguing new investment opportunities in the energy sector. Most major energy stocks have fallen more than 10% from their peaks this year. The Select Energy Sector SPDR exchange-traded fund was trading this week at $53, down from more than $60.

Exxon Mobil has held up better than most, but ConocoPhillips (which I own) is down about 18% from its high, and Suncor Energy (which I also own) is off more than 20%. But I have been especially interested in Chevron and Devon Energy, the two companies (along with Statoil of Norway) which stand to benefit most from a huge oil discovery in the Gulf of Mexico. The new field, 175 miles off the coast of Louisiana, is estimated to hold up to 15 billion barrels of oil, 50% more than existing U.S. reserves. Chevron and Devon shares soared on the news, then gave it all back and more as investors worried about the cost and feasibility of extracting all that oil and as oil prices dropped. But how can you ignore 15 billion barrels? I can't see this as anything but positive for Chevron and Devon.