3 Non-Oil Stocks That LOVE Rising Crude Prices

WTI crude oil prices climbed above $48 this month for the first time since October, but it’s not just oil producers that are welcoming rising oil prices. SolarCity (SCTY), Tesla Motors (TSLA) and Waste Management (WM) could all potentially benefit from a return to high-priced oil.

SolarCity (SCTY)

solar city-logo-scty-stock-185It may seem counter-intuitive for the largest U.S. residential solar installer and the oil industry to see eye-to-eye on oil, but solar companies like SCTY are cheering for higher oil prices as much as oil producers are. The economics of rising oil prices pushes customers to alternatives like solar.

Sure, installing solar panels on your rooftop may feel good because of the positive impact on the environment. But let’s face it: the higher your traditional energy bill gets, the better that switch to alternative is going to feel.

Oil prices were as high as $107/bbl as recently as June of 2014. In the time between its 2012 IPO and that June 2014 peak in oil prices, SCTY stock surged 345%. Since oil prices began to collapse, it’s down 65%.

In the time since crude oil’s most recent nadirs in February around $33/barrel , SCTY stock is up more than 25%.

Tesla Motors (TSLA)

Ironically, between SCTY and TSLA, Elon Musk’s renewable-heavy investment strategy may make…

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