Unfortunately, stored gasoline degrades quite quickly, so storing it is not an option.
The most direct hedge, as has been mentioned, is a position in futures, however you have to deal with the roll of the contracts. A way to avoid it is buying an ETF (I am sure there is something available).
In my case, I have owned some oil stocks for over 20 years, as a hedge to increasing oil prices. It is qute an imperfect hedge, but it provides some moral justification to continue driving 'inefficent' cars.
Current & past: 365 GT 2+2, 550 Maranello, F430 Scuderia
Other: Mercedes 230 SL 'Pagode', BMW M3 E30 Evo II, Lancia Delta Integrale Evo 2 and a few other toys.