Petroleum or Aerospace Engineering? I'm torn.

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I agree Chem E is most likely the most difficult degree in terms of engineering (IMO, of course)--however, I must admit that this is most likely related to my disdain for chemistry (I have spoken to many fellow Mech E students and they dislike it as much as I do). I think much of it comes from the basic level of rote memorization involved with chemistry; oddly enough I am looking to make materials science, design and manufacturing my specialization in Mech E (which involves quite a bit of chemistry because of the materials)--go figure...
 
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I've worked in oil & gas and the petrochemical industry. That said, you couldn't pay me to major in PE. You'd be an idiot to do it simply because you think the industry isn't going anywhere. With that train of thought, you should have made the jump that the broadness of a ME degree keeps you available that industry as well as every other one.

Your best bet is to do what interests you, what you're good at, or what you CAN do that will provide you a living. I'm back at school for ME, when I have lots of chemical experience, because ME is what I enjoy. I don't want to limit myself even with a ChemE (I'm not saying ChemE is THAT limited, just saying that ME is much more broad), much less a PE.