And Fast Money’s Joe Terranova thinks prices at the pump are going higher from here. “The crack spread used to be minus 2 dollars, now it’s 7 bucks,” he says.
How should you trade it?
“The trade is to own the refiners,” counsels Terranova. “Own Valero and Sunoco. They have good balance sheets and are not that reliant on credit.”
And it's worth noting, that although gasoline prices are higher, they are still less than half of what consumers paid in July when the average price reached an all-time high of $4.11 a gallon.
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CNBC.com with wires