This morning the Department of Commerce announced Gasoline stations sales were up 16.7 percent from March 2010. Looks like higher gas prices are inflating revenues for top Oil & Gas companies such as Exxon Mobil (NYSE:XOM), Chevron Corporation (NYSE:CVX), ConocoPhillips (NYSE:COP), BP (NYSE:BP), Royal Dutch Shell (NYSE:RDSA), Marathon Oil Corporation (NYSE:MRO), Hess Corp. (NYSE:HES), Total (NYSE:TOT), and Suncor Energy Inc. (NYSE:SU).
Shares of all these companies are in the green this morning as Oil (NYSE:USO) continues to take the spotlight on Wall Street.
Although, tread carefully as Goldman Sachs (NYSE:GS) makes a good point that relative values of Oil shouldn’t be as high when compared to 2008. There’s also the huge risk that the “Middle Eastern Chaos” premium could deflate in the near term if things calm in the region.
Until short term issues are digested, you may want to check out these mind-blowing charts of how gas prices have charged back to $4 a gallon.