VLO - 3 Safe Dividend Stocks to Buy Like There's No Tomorrow
2023-09-19 10:32:00 ET
Tried-and-true candidates for inflation-resistant stocks include consumer staples companies, healthcare businesses, and utilities since demand in these sectors isn't closely tied to the strength or weakness of the broader economy. But another place to look: the companies causing the inflation in the first place.
West Texas Intermediate (WTI) crude oil prices, the U.S. benchmark, just hit their highest point since November of last year. And in the last three months alone, prices are up from below $70 a barrel in early June to above $90 at the time of this writing. The increase is having ripple effects throughout the economy.
Higher oil prices don't just mean higher prices at the pump. Products made from refined crude oil are used in just about every industry. Oil prices are a crucial cost for downstream refiners like Marathon Petroleum (NYSE: MPC) , Phillips 66 (NYSE: PSX) , and Valero Energy (NYSE: VLO) .
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3 Safe Dividend Stocks to Buy Like There's No Tomorrow