While oil has been up and gold down in market action this year,  Federal Reserve Chairman Ben Bernanke has contributed significantly to a long term bullish outlook for oil and gold stocks due to his decision to continue Quantitative Easing III, a program which consists of massive bond purchases to keep interest rates down.

That drives down the value of the US Dollar (NYSE: USD).

This takes place through simple supply and demand.  As more dollars are produced, the less valuable it becomes.  Quantitative Easing III, the program that Bernanke is continuing, consists of the Federal Reserve acquiring about $1 trillion securities annually through creating US Dollars by expanding its balance sheet.  Investors will naturally flee fiat currencies such as the US Dollar for commodities such as gold and oil.

That was the immediate reaction yesterday to Bernake’s remarks.

.While there will probably be a dip for oil and gold, stocks such as ConcoPhillips (NYSE: COP), Americas Petrogas (TSZ: BOE), Barrick Gold (NYSE: ABX), Wishbone Gold PLC (NASDAQ: WISHY), Octagon 88 (NASDAQ: OCTX), Exxon Mobil (NYSE: XOM), and others have bullish long term futures.  Each will benefit from investors leaving the weak dollar.  But all have other attributes that are appealing.

ConcoPhillips is owned by legendary investor Warren Buffett and has been very strong due to its performance.  With a recent positive research study, Octagon 88 is soaring, too. Americas Petrogas just posted a huge increase in net revenues.  With is gold assets in Australia, Wishbone Gold PLC will benefit from demand in India and China, the two biggest buyers of gold in the world.  A recent article in Barron’s stated that Barrick Gold could soon draw the attention of activist investors due it assets be valued so low in the stock price.

The actions of the Federal Reserve will add to the solid assets of these gold and oil stocks.  For long term investors, Benanke’s recent action is very bullish.