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.