North America’s largest independent petroleum refiner and marketer, Valero takes fuel from the distiller to the gas pump.
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Valero is a "merchant refiner." This means that it is not a fully integrated oil company with significant stake in proved oil reserves - rather, it is at the mercy of the marketplace for buying its crude feedstock. When refining margins are good, Valero does well. However, as crude oil prices rise faster than refined product prices, Valero gets caught in the squeeze. The general consensus among industry players is that we have turned the corner on world refining capacity - it is now more than required for world crude oil production. It would seem that the golden age of petroleum refining is gone. My money is going to the oil companies with the largest proven crude oil reserves.