Nearly $7.50 for a gallon of gas is a bit outrageous.
If any of us had to fill a 12-gallon tank with $90 oil, most of us would be walking.
Unfortunately, that’s the price for motorists in the small town of Gorda, California. The worst part – the next gas station is 40 miles to the north, or 12 miles to the south, says ABC7.
While the rest of the U.S. isn’t dealing with $7.59, we will have to contend with higher prices.
Earlier this week, the average cost of a gallon was $3.30 – up 7.5 cents month over month, and $1.08 higher year over year. As of October 21, it’s up to $3.35, according to GasBuddy. The last time it was anywhere near $3.35 was in September 2014.
All thanks to an energy crunch.
“Supply-demand balances show that the market is experiencing a supply deficit, which is spurring deep inventory draws and driving prices upwards,” said Louise Dickson, senior oil markets analyst at Rystad Energy, as quoted by Reuters.
“This market tightness is expected to extend into most of 2022, and crude oil demand will only catch up with crude supply by the fourth quarter of next year.”
To profit from rising prices – and even rake in income, take a look at oil dividend-payers:
- ONEOK Inc. (OKE) – which pays a yield of 5.74%
- Exxon Mobil (XOM) – which pays a yield of 5.48%
- Valero Energy (VLO) – which pays a yield of 4.84%
- Phillips 66 (PSX) – which pays a yield of 4.42%
If oil prices are going to rise, you may as well own the red hot oil stocks, and earn income.
The post $7.50 Gas: Hot Energy Stocks with High Dividend Yields appeared first on Morningology.
