I working on a new website and wanted some advice/feedback on OAuth vs OpenID vs Standard site owned username/password.
You may want to read this article by Malcom Tredinnick which explains what openid and oauth are, and do. They serve different purposes.
In summary, openid would be used to uniquely identify users - it's an identity solution. oAuth would provide a means to interact with data that your site's users have access to by allowing the user to grant your site temporary access to external services, their flickr account, for example - it's an authorization tool.
Offering only the standard site-specific account is always an option, of course but IMHO, supporting openid is better for your users and for the web. Many sites that implement openid allow users to use an openid if they have one, but also allow users to sign in and create accounts without openid as well. So, it's not necessarily an either/or proposition. You can do both!