May 6, 2007

U.S. refiners set for big profits as pump prices soar

I know you're surprised by this:

"The profit outlook is incredible, the refinery margins are significantly higher than last year or the past three years," Fadel Gheit, an analyst with Oppenheimer& Co., told Reuters.

"It would be safe to say that if margins don't collapse from here, the refiners will probably do 20 to 30 percent higher profits this year than last year," added Gheit.

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