It may be difficult, but it is possible to live without oil. But that cannot be said for water.
Senior analyst Debra Coy of Janney Montgomery Scott has been paying a lot of attention to water, and to ways to make it flow into investors' portfolios.
"We like water, even though it hasn't been quite that liquid of an asset," she told CNBC. "It's still a relatively small sector, but we particularly like the water utilities right now."
She says they have been hit particularly hard in the market downturn, and are cheaper than they've been for years.
Coy likes American Water Works, which went public earlier this year.
"There's been a lot of concern about the regulatory risk they face," she said. "That concern is a bit overdone."
She also recommends Aqua America.
"It's...about to come out of the back end of a kind of drought on earnings, and we think we're going to see some recovery on that one in the coming year," she said.
On the infrastructure front, Coy is enthusiastic about ITT, a leader in pumps and water treatment equipment, and about Insituform Technologies, a leader in pipe rehabilitation.
American Water Works is an investment banking client of Coy's firm, which owns more than one per cent of the company.
Coy owns shares of Aqua America, which is an investment banking client of her firm.