If you're up 10% or more on those drillers, I'd take profits because they got beaten up more fundamentally with the length of the last downturn and so I'd consider taking profits and raising cash levels and being in sounder companies, fundamentally. NOW, for anyone reading this that is unprofitable...I see no reason to sell when oil's price is likely to remain high. But I would reallocate risks, for those who are up enough on it. Just my two cents.

What about USO? Is it still bullish?

I'm bullish on oil overall but its temporarily overbought and could have a significant pullback sometime in the near- to medium-term. So, if you're up a lot on it, you might consider selling it. If you're not up on it, then its worth hanging onto it until you are.

What if I am just breaking even with these new highs? Get out and re-buy after the pullback, or just wait until it is up more?

If you're profitable at all or breakeven, you could consider selling and not reinvesting until these are at or very near their 200-day moving averages. And even then, I'd divide the money into thirds and average down if it dropped further.