Gasoline May Soon Get Much More Expensive, and Marathon Petroleum (NYSE:MPC) Stands to Benefit
The US oil and gas sector has faced significant volatility, with little-to-no correlation to the S&P 500 over most of the past three years. The sharp rise in oil and gas prices in 2021, led by production cuts the year prior, caused most in the sector to see sky-high margins in 2022. However, the significant withdrawal of the Strategic Petroleum Reserve last year pushed prices back down, causing most oil and gas commodities to return near their pre-shortage levels. That said, volatility has been most extreme in the upstream oil sector, with the downstream industry seeing relatively strong performance throughout the past year. One notable example is the refining giant Marathon Petroleum (NYSE:MPC), which has continued to rise in value despite headwinds amongst its peers. See below:
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