Description of United States Oil Fund, LP and the General Risks of the Offering

United States Oil Fund, LP (“USO”), a Delaware limited partnership, is a commodity pool that issues units that may be purchased and sold on the NYSE Arca.  The investment objective of USO is for the units’ net asset value (“NAV”) to reflect the performance of the spot price of West Texas Intermediate light, sweet crude oil delivered to Cushing, Oklahoma (“WTI light, sweet crude oil”), less USO’s expenses.  There is no assurance USO will meet its investment objective.

USO has filed a registration statement (Registration No. 333-124950, including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which the communications provided on this website relate.  Before you invest, you should read the prospectus in that registration statement carefully and other documents USO has filed with the SEC for more complete information about USO and this offering.  You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.  Additionally, you may access the prospectus by clicking on the hyperlink on the home page of this website, or by clicking here.  The offering of units in USO can only be made by the prospectus, which contains certain information regarding certain risks associated with USO and should be read carefully and retained by anyone considering an investment in USO.  USO’s units have not been approved by the SEC nor has the SEC, the Commodity Futures Trading Commission, or any state securities commission passed upon the accuracy or adequacy of the prospectus or this website.  Any representation to the contrary is a criminal offense.

USO has been the subject of wide media coverage, including articles and television coverage, some of which include statements that may have been made by the General Partner’s employees or officers. Such articles and coverage do not disclose many of the risks and related uncertainties disclosed in the prospectus. You should rely only on statements made in the prospectus in determining whether to purchase USO units.

Units of USO may be purchased or sold throughout the day through any brokerage account, which will result in typical brokerage commissions.  However, only authorized participants may create units directly from or redeem units directly to USO, in large block creation/redemption baskets.

The market price of units of USO will be subject to fluctuations similar to those affecting commodity prices so that an investor’s units, when redeemed or sold, may be worth more or less than their original cost.  Trading may generate tax consequences.  Investors should consult a tax advisor.  Past performance is no guarantee of future results.  USO is not a registered investment company.

USO is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act.

Some of the risks of investing the USO include:

• Investing in oil interests subjects USO to the risks of the oil industry and this could result in large fluctuations in the price of USO’s units.

• If certain correlations do not exist, then investors is not able to use USO as a cost-effective way to invest indirectly in oil or as a hedge against the risk of loss in oil-related transactions.

• USO does not expect to make cash distributions.

• USO and its general partner may have conflicts of interest, which may permit them to favor their own interests to your detriment.

• USO has no operating history so there is no performance history to serve as a basis for you to evaluate an investment in USO.

Investing in USO involves other significant risks.  You may access the prospectus which sets forth these risks by clicking on the hyperlink on the home page of this website, or by clicking here.

Commodity Futures Trading Commission Risk Disclosure Statement

The Commodity Futures Trading Commission (“CFTC”) has not passed upon the merits of participating in this pool nor has it passed on the adequacy or accuracy of the disclosure document.

USO is a commodity pool.  You should carefully consider whether your financial condition permits you to participate in a commodity pool.  In so doing, you should be aware that futures and options trading can quickly lead to large losses as well as gains.  Such trading losses can sharply reduce the net asset value of the pool and consequently the value of your interest in the pool.  In addition, restrictions on redemptions may affect your ability to withdraw your participation in the pool.

Further, commodity pools may be subject to substantial charges for management, advisory and brokerage fees.  It may be necessary for those pools that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets.  USO’s prospectus, which may be accessed in the manner described above, contains a complete description of each expense to be charged this pool and a statement of the percentage return necessary to break even, that is, to recover the amount of your initial investment.

This brief risk disclosure cannot disclose all the risks and other factors necessary to evaluate your participation in this commodity pool.  Therefore, before you decide to participate in this commodity pool, you should carefully study USO’s prospectus, including the description of the principal risk factors of this investment.

You should also be aware that this commodity pool may trade foreign futures or options contracts.  Transactions on markets located outside the United States, including markets formally linked to a United States market, may be subject to regulations that offer different or diminished protection to the pool and its participants.  Further, United States regulatory authorities may be unable to compel the enforcement of the rules of regulatory authorities or markets in non-United States jurisdictions where transactions for the pool may be effected.

Statement Regarding Forward-Looking Statements

This website includes “forward-looking statements” which generally relate to future events or future performance.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology.  All statements (other than statements of historical fact) included in this website that address activities, events or developments that will or may occur in the future, including such matters as changes in inflation in the United States (the “U.S.”), movements in the stock market, movements in the U.S. and foreign currencies, and movements in the commodities markets and indexes that track such movements, USO’s operations, the General Partner’s plans and references to USO’s future success and other similar matters, are forward-looking statements.  These statements are only predictions.  Actual events or results may differ materially.  These statements are based upon certain assumptions and analyses the General Partner has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances.  Whether or not actual results and developments will conform to the General Partner’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.  Please see “What are the Risk Factors Involved With An Investment In USO?” in USO’s prospectus.  Consequently, all the forward-looking statements made in this website are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the General Partner anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, USO’s operations or the value of the units.