Gas Prices Are Rising. Refiner Stocks Are Riding the Wave—for Now.

Gasoline prices have risen 41 cents a gallon in the past month to an average national price of $3.51. Summer driving could be pricier than many expect, though it’s unlikely to be as bad as last year, when prices hit $5. The biggest source of the increase, and the biggest beneficiaries, are refineries that turn crude oil into fuels.

“Three weeks into the new year, we see tailwinds building again for U.S. refiners,” writes BofA Securities analyst Doug Leggate.