The U.S. national average for a regular gallon of gas is $4.99 as of this writing, according to the American Automobile Association. A month ago, the average was just $4.37 per gallon. And a year ago, the average was $3.07 per gallon. In other words, the price of gas is up 14% month over month and 63% year over year.
The rapid increase in the price of gas hurts many consumers and many businesses. However, WEX (NYSE: WEX) is an under-the-radar stock that could actually benefit from rising gasoline prices and is therefore worth considering right now.
Data from Yardeni Research shows that consumer spending on gas has reached an all-time high. Spending is reportedly at a $5,000 annual rate, compared to just $2,800 at this time last year. Therefore, gas prices are up 63%, and spending is up 79%. And average incomes haven't kept up in the past year.
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Pain at the Pump? This Under-the-Radar Tech Stock Profits from High Gas Prices