Valero reports 2Q loss as energy demand crumbles

Full story: LA Daily News

Valero Energy Corp., the nation's largest independent oil refiner, said Tuesday it lost $254 million in the second quarter as lower margins and weak demand for gasoline and other refined products hammered results.
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1 - 2 of 2 Comments Last updated Jul 29, 2009
hank

Los Angeles, CA

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#1
Jul 28, 2009
 
well opec shorted the market to keep price per barrel high, there is no way in hell
we should be paying this much for gas at the pump. the california gas commisiion wont
touch this because the state need the revunue from the gas tax. we the people of
california are the scapgoats for these companies
Phil

San Diego, CA

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#2
Jul 29, 2009
 
Oil prices rose globally on a premature expectation of an economic recovery. Governments and investors saw a few indications that the bottom may have been reached and interpreted this to mean a recovery will begin in the next twelve months. That emphatically will not happen. When the global economy looses more than $50 trillion in value, there will not be a return to investment and spending any time soon. Now the market as a whole seems to be coming to the same conclusion, albiet with more hope than I think justified. Demand for energy will remain low for a very long time, so expect prices to fall again, possibly to $30/bbl. We are in a long term economic depression that will take in excess of a decade to recover from. Watch the Dow fall dramatically very soon. Actual earnings do not justify the recent run up.

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