RE:USA: higher rates with $18 trillion debt = financial zombi Gold is. Oil is not. If you're implying that high US debt means looming financial problems, that is not good for the economy and not good news for oil.
Gold is a monetary system/inflationary play. Oil is an inflationary/economic play. If there is stagflation from the high debt, oil stocks are going to get slammed. Even with gold stocks there's no guarantee they go up on market weakness even if the price of gold goes up, but no doubt they'll outperform other crashing industries under this scenario.
Your best bet as an oil bull is that the economy keeps on trudging along at a slow pace of growth or better, and the Fed and US Government continues to rack up debt and print money to support its feeble economy.