After an attack on Saudi Arabian oil sites destroyed 5% of the world's supply of crude, the price of oil registered its biggest one-day spike in more than a decade. Shares of independent oil producers rose in response as investors predicted that higher crude prices would benefit the companies' bottom lines.
But right after a big price spike usually isn't the best time to invest in a company. That's why I'm looking beyond independent oil exploration and production companies for buys. If you're interested in the oil industry, you might want to consider Royal Dutch Shell (NYSE: RDS-A)(NYSE: RDS-B), Enterprise Products Partners (NYSE: EPD), or Casey's General Stores (NASDAQ: CASY). Here's why they look like good buys right now.
The stock market is full of oil companies that are more than just producers. Image source: Getty Images.