The following video is part of our "Motley Fool Conversations" series, in which Jim Mueller and Jason Moser, both analysts on our Stock Advisor newsletter service, discuss topics across the investing world.

There's lots of excitement swirling around deep sea oil drilling. What's the best way to invest in this potentially lucrative opportunity? Drilling companies? Big oil? "Picks and shovels" support companies? Jim shares his strategy with you and Jason.

Jason Moser has no positions in the stocks mentioned above. Jim Mueller owns shares of BP (ADR), National Oilwell Varco, Transocean, and Seadrill. The Motley Fool owns shares of National Oilwell Varco and Transocean. Motley Fool newsletter services recommend National Oilwell Varco, Oceaneering International, and Seadrill. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.