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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 (NYSE: PSX), HF Sinclair (NYSE: DINO), and CrossAmerica Partners LP (NYSE: CAPL) 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.

Phillips 66 Is a Diversified Refiner That Stands Apart

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 Brings Leverage to the Calculation

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 drive these results, and the company rounded out its performance with the help of renewables and its lubricants and specialty products businesses.

Shares of HF Sinclair are already up 130% year to date (YTD), which has prompted analysts to speculate that the firm may reset downward a bit. However, if gasoline prices remain high, it may be able to prolong this adjustment.

A Retail-Based Approach Provides Variety

For investors seeking a different approach entirely, CrossAmerica Partners provides access to a master limited partnership, owning and leasing fuel distribution and convenience stores across the country.

Retail gasoline margins may function somewhat independently of wholesale prices, but when fuel demand remains high, it can lead to higher volumes for these companies, along with strong in-store sales and even better rental income.

Fuel distributors are in many ways a defensive business, owing to consumers' reliance on gasoline even when the economy slows. This could insulate CrossAmerica Partners compared to some of its rivals in the industry when gas demand and prices eventually drop once again.

The Case for Gas-Price-Linked Stocks Remains Strong

All of these companies appear poised to do well so long as gasoline prices stay high, and there are plenty of reasons to expect that this will, in fact, be the case. Geopolitical risks remain deeply enmeshed in the industry's performance. Global refining capacity is still constrained. Diesel markets are light, with inventories reaching low levels that help to push refining margins upward.

To be sure, there are other companies in the oil and gas business that may benefit from continued high prices. Pipeline and midstream firms, for instance, benefit when production volumes are high, even if they are less directly linked to gasoline prices. When it comes to gas-price-linked shares, however, the three companies above may be an investor's first place to start.

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