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No. of Recommendations: 3

Valero Comes Closer to the Edge
Bill Mann loved Valero when loving Valero wasn't cool. The company has built itself from a bit player in oil refining to one of the biggest, with a near-absolute cost advantage. On Monday, it announced the purchase of rival Premcor, creating the largest U.S. refiner by capacity. The difference this time is that refining assets have been bid up substantially. If we're at a peak, Valero could be asking for trouble.

By Bill Mann (TMF Otter)
April 27, 2005
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