Best way to learn about options is do a very small position and lose money. Easy to do. Try not to lose much to learn your lessons. Enough of these lessons and you get pretty smart You really don't get these nice lessons until the unexpected happens.
Hmm... Options have a leverage effect, so they are generally riskier than stocks. It's a two sided sword: more risk more reward if done right, and of course vice-versa... Just follow the premiums of an option over some days. You will see it swings very much, going for example 20% up or down from day to day...
Good stuff then. I'd recommend giving chatwithtraders podcast episode 40 and episode 28 a listen. Very interesting for options traders and some info on how to manage risk.
Hopefully your broker's book explains that if your position goes against you, you'll have one barrel of oil per option contract delivered to your door, because this is a physical commodity. Did you see that referenced?
Oh man you took the words right out of my mouth. We've got to be closer to a bottom. Unfortunately it may not save some of the US companies in this area.
Know what your buying before you trade options... theta burn is always fun for a newbie. USO puts if you're looking to short oil with options that aren't futures...