In his RealMoney column, Validea CEO John Reese recently took a contrarian look at oil stocks.

“Oil at the moment is on a slippery slope. Prices are at their lowest in months. In fact, they are dropping during the time of year they typically rise due to higher demand in the summer months,” Reese writes, citing several factors — Iraq re-entering the oil supply business, Libya ramping up production, a slowing global economy meaning lower demand, the continuing rise of alternative energy sources — as contributing to oil’s decline.

Despite all that — or perhaps because of it — Reese says “oil stocks today are a worthy investment for those willing to take a contrarian position.” Many have been hit too hard, he contends, and he offers a few that his David Dreman-inspired contrarian strategy are high on right now. Among them: Royal Dutch Shell.