Gasoline prices were already trending higher before Hurricane Harvey slammed into the Texas coastline, and prices have only moved higher in reaction to the devastating storm.
So far, the flooding that has occurred as a result of Harvey has either completely or partially shut down 13 different refineries. The impact of the shutdowns is a ten percent cut to the nations gas production, or around 2 million barrels a day. As a result, refiners are looking very attractive at this point.
Over the last eight days, gasoline prices have risen eight cents, and according to GasBuddy.com, national prices could rise by another five to 15 cents per gallon over the next two weeks.
Currently the average price of gasoline in the nation sits at $2.404. A month ago that figure sat at $2.313, and a year ago the national average was $2.218.
Oil prices have been trending lower, but that has not yet resulted in lower gasoline prices, and with industry experts forecasting even higher prices, now is a good time to look at stocks to consider buying while gasoline is moving higher.
The following stocks are all viable candidates to add to your portfolio is you are seeking out stocks to buy to take advantage of the recent strength in gasoline prices.