Yep, they’re hurting. In my area, there are several Valero gas stations that are closed and the weeds are growing...
What does this mean?
I remember Cheyney saying that more refineries had to be built back in 2000, but the gutless wonders in Congress and state govt.s who worship to the envirowhackos put the kibosh on that.
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Valero Energy Corp., the third-biggest U.S. refiner, yesterday said fourth-quarter profit more than tripled as the company benefited from its ability to process less-expensive sour crude oil. Valero Chief Executive William Greehey has said the company plans to add more capability to process sour crude.and was being considered the most likely buyer for some refineries that Citgo was trying to sell
So perhaps its selling some refineries, so it can get cash buy others that are a better fit for it
I just bought some shares in Tesoro in advance of the summer driving season. I'm betting on oil coming down.
Ethanol refineries have been built in the past 2 years- about 160+ as far as I read in the past week. They seem to have no problem getting past all the enviros, etc.
You’d think that our oil companies would have long since realized that a generous supply of oil and it’s refined products keeps the consumers happy.
And that when that doesn’t happen, the consumers get cranky. Cranky consumers who then complain to Congress.
Furthermore, you’d also think that our oil companies would realize that ANY time Congress gets involved in ANYTHING, they royally screw it up.
But no, they don’t ever connect the dots. Which is why we’ve had Congress royally screw up our oil industry repeatedly over time.
If I ran Valero, I really wouldn’t want government interference - so I’d do whatever necessary to keep them out.
Course, that’d mean that I’d increase the company’s oil production and refining capabilities to slightly exceed demand... but hey, what do I know?
It’s not like I’ve got a PhD in business or economics or nuthin’. So I must be wrong.
Yep, Valero is doing a much better job than I ever could! Selling off capabilities, drawing government attention... wooo, I’d never have thought to try that.
Silly me.