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That's because high petroleum prices (higher, at any rate, than they were a few years ago) depress demand for gasoline and jet fuel and thus the markup over raw material costs that a refiner can capture.
FORBES: Magazine Article
Valero Energy , a refiner that processes lower quality crude oil into products like gasoline and jet fuel.
FORBES: Cheap Oil And 2 Other Investing Themes To Profit From In 2013
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