Valero reports 2Q loss as energy dema...

Valero reports 2Q loss as energy demand crumbles

There are 2 comments on the LA Daily News story from Jul 28, 2009, titled Valero reports 2Q loss as energy demand crumbles. In it, LA Daily News reports that:

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.

Join the discussion below, or Read more at LA Daily News.


United States

#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

San Diego, CA

#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.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Valero Energy Discussions

Title Updated Last By Comments
News High oil prices pinching refiners, too Refiners... (Apr '08) Mar '14 Bella 2
News Texas Oil Companies Oppose California Climate C... (Apr '10) Oct '11 Here Is One 156
News Cellulosic Ethanol | Frontier Renewable Resourc... (Apr '11) Apr '11 PGW 2
News Valero's Benicia refinery seeks break from tariffs (Dec '10) Dec '10 Birds Landing Bob 3
News Tuesday's Letters to the Editor (Oct '10) Oct '10 Who Knows 10
News Sierra Club to push Benicia to oppose Propositi... (Oct '10) Oct '10 domefoam 9
News Benicia City Council considers opposing ballot ... (Sep '10) Sep '10 BakersDozen 5
More from around the web