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Subject:  Re: Valero (VLO) Date:  1/22/2012  12:01 PM
Author:  LeKitKat Number:  8981 of 25574

hi sf

As an industry insider, can you dissect what happened in 2007 in refining that made it so perfect for profits?

The heavy crude refiners did especially well and it had a lot to do with the spread between heavy sour and light sweet.

Was their extraordinary profit due to just low prices on heavy sour or was there something else at work? maybe gas prices vs oil prices were more favorable? There have been times of high gas prices since then that have not translated into these 2007 record profits. If you could just outline what made that period so special from an insider's POV?
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