I think its time to takes some profits on the refiners. Gas prices have risen drastically mostly due to supply concerns for the summer, not higher oil prices. I'm still bullish on the energy sector long term, but I think gas prices will ease now short term, and we could see a decline in Frontier (FTO) and Valero (VLO).
Its interesting how the market responds with fluctuating energy prices. Last year crude oil went into the 70's per barrel, and gas prices rose. We haven't been near that yet this year, but gas prices rise on supply worries. It seems that no matter what happens, the common denominator is higher gas prices. Higher gas prices will affect consumers and could spill over into other areas in the economy. Fuel prices seem to affect corporations less, as they tend to pass those prices on through surcharges and price increases.