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You can't pin California's high gas prices on just one thing, but a major reason is that the state has almost no access to the cheaper crudes being produced as part of the shale boom. West Coast refiners pay up to $10 more per barrel for oil because of the high import demand. One emerging shale play, though, could be the fix for that issue, and Whiting Petroleum (NYSE: WLL ) and Noble Energy (NYSE: NBL ) could be positioned to benefit mightily from this opportunity.
With California paying so much of a premium for its oil, and these two companies selling so much of their oil at a large discount, rerouting oil to California could be a strong boost for the companies. Find out why Noble Energy and Whiting Petroleum are in the best position to benefit from this pricing issue by tuning into the video below.
America's $600 billion energy problem means invest in these 3 stocks today
A dark specter is looming that is ready to stop America's energy boom right in its tracks, and no one is talking about it. This one critical element could cost us over $600 billion, but every day we wait that number grows and grows. The U.S. government thinks investment in this sector is so important, even the Internal Revenue Service will give you a free pass if you invest in this select group of stocks. Our analysts at The Motley Fool have combed over this special class of stocks and we have identified three that could make you rich! Find out the names of these IRS-gift-wrapped stocks in our special report "3 Stocks The IRS Is Begging You To Buy." Simply click here and we'll give you free access to this valuable investing resource.