Buy Gas just in case the Strait of Hormuz, and the Iranian Threat might be more than bluster.
If you can buy a few gallons, and store them away, that might be the ideal solution. This is certainly not the safest option or the most convenient for the vast majority.
For the rest of us, buying options is probably the way to go on Gasoline.
Take a look at (UGA) United States Gasoline Fund.
The United States Gasoline Fund, LP (“UGA”) is a new way for investors and hedgers to manage their exposure to energy.
The United States Gasoline Fund LP (UGA) is an exchange traded security that is designed to track in percentage terms the movements of gasoline prices. UGA issues units that may be purchased and sold on the NYSE Arca.
I am not recommending you go out and bet it all on this. But, it might be prudent to hedge your gas costs against headline risk- just a little.
You can buy out of the money calls on UGA- take a look at the Feb 18 2012 with 51 Days to Expiration.
The 65.0 strike Call can be purchased for .10 cents.
If the Iranian scenario does go bad, gas is going to double, and those calls will be worth $2 to $3 bucks- each.
Spending $100 on these calls to protect your short term fuel costs is a modest proposal that could potentially pay off for the long haul.
That hundred you wagered could be worth a few grand if things go to hell in hand basket.