The Rising Influence of Rising Affluence

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APC's CFO is better at trading than I am for sure. There was an article (Bloomberg?) today about the widening discount in terms of EV/ebita between XOM and APC, and how that makes APC more attractive shark bait. I think the discount is there for a reason, XON has big ballast in refining and chemicals. If current trends continue, upstream and downstream will flip-flop back to decades of old when oil refiners make most of the money during an era of surplus.