Word: valero
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Buffett is in no rush, though, and you shouldn't be either. Wait for energy stocks to come down another 10%. What looks best? Pennington favors refiners like Valero and Marathon, which he believes will be running at full capacity for the next five years. He also likes natural-gas firms such as Quicksilver and Nabors because he expects natural-gas prices to trend higher even as oil falls. Natural gas is more difficult to transport. It will take years to build enough transportation capacity to meet demand without higher prices in the U.S., where gas fields are losing steam...
...Saudi Arabia or political instability in Venezuela, Russia or Iran would cause price fluctuations. So could speculators. Last week's $5-a-barrel price dip came thanks to profit taking in the market. "Hedge funds have been bailing out of their positions," says Bill Greehey, CEO of oil refiner Valero Energy. "You've got a lot of hot money...
...companies, who have been in a consolidation mode since the late '90s. And relative prices are still lower than they were in the '60s. That's not to say refinery profit margins haven't increased handsomely from the supply squeeze. Operating profits have surged this year at refiners like Valero and big oil companies like BP Amoco and ExxonMobil. "Refiners have made a killing over the past 15-to-18 months," says Chris Stavros, an oil-industry analyst at UBS Warburg. Stavros points out that the suppliers aren't gouging; they are simply reaping the benefits of market economics swinging...
...companies, who have been in a consolidation mode since the late '90s. And relative prices are still lower than they were in the '60s. That's not to say refinery profit margins haven't increased handsomely from the supply squeeze. Operating profits have surged this year at refiners like Valero and big oil companies like BP Amoco and ExxonMobil. "Refiners have made a killing over the past 15-to-18 months," says Chris Stavros, an oil-industry analyst at UBS Warburg. Stavros points out that the suppliers aren't gouging; they are simply reaping the benefits of market economics swinging...
...ball of flame, and a column of smoke 1,000 feet tall. Betancourt's car was hurled onto the center grass strip, and burst into flames. The President and his Minister managed to push open the left rear door and pull Mrs. Henriquez to safety. Badly burned, Chauffeur Valero and a presidential aide, Colonel Ramón Armas Peréz, tumbled out of the front seat...