High Gas Prices Aren't Budging—Here Are 3 Stocks That Benefit

High gas prices aren't budging—here are 3 stocks that benefit. Elevated gasoline prices amid the Iran war create opportunities in refiners, fuel distributors, and convenience store companies rather than just oil producers. Phillips 66 and HF Sinclair benefit from wide crack spreads and constrained refining capacity, with HF Sinclair posting 53% revenue growth and tripled adjusted net income. CrossAmerica Partners offers a defensive, retail-focused alternative through fuel distribution and convenience stores, diversifying exposure beyond wholesale refining margins.

Despite best efforts of the Trump administration to tease down gas prices amid the ongoing Iran war, the price at the pump has remained stubbornly elevated. While this may hurt investors as they drive their cars, it does present an opportunity. Rather than just buying oil producers, thoughtful investors may seek out stronger opportunities among refiners, fuel distributors, and even convenience store and gas station companies. Companies like Phillips 66, HF Sinclair, and CrossAmerica Partners stand to profit from higher margins and strong fuel demand. They each provide access to a different niche with a unique link to gasoline prices and other factors as well, helping to diversify in case of turbulence in another corner of the market.

Refining is a major earnings driver for oil and gas companies, particularly in periods of elevated fuel prices. Phillips 66 has a core refining business that is thriving—it helped to drive an $8.5-billion revenue beat and a major earnings beat in Q2 2026 —but it also benefits from midstream assets, a chemicals business, export infrastructure, and much more. This can enable Phillips to smooth out its results amid industry turbulence, even as it continues to benefit from expanding gasoline or diesel margins.

Crack spreads across the refining industry are lingering above historical averages thanks to supply disruptions related to the Iran war and other factors. This means that Phillips and other refiners can generate better margins on each barrel they process, leading to billions in quarterly profits and helping refiners buy back shares in large quantities. With its Gulf Coast footprint, Phillips benefits from both domestic and export markets. This means the company may continue to benefit if gasoline prices stay elevated as a result of continued constrained refining capacity. Analysts see this, as two-thirds have called PSX shares a Buy , even as they caution that the share price may fall somewhat in the near-term.

HF Sinclair relies more heavily on refining operations, meaning profits may grow rapidly when crack spreads widen. This also makes the company particularly sensitive to refining margins. While this can be a positive under the right conditions, it also means HF Sinclair is more susceptible to refining margin pressure, resulting in steep earnings declines. Recently, this has worked out very well for HF Sinclair, as the company has generated 53% year over year (YOY) revenue gains in the latest quarter alone, made all the better by adjusted net income that roughly tripled over the same period. Higher throughput and operational execution also helped to dri...