Valero Energy has fallen sharply in the last few days along the collapse of the price of oil. However, the reaction should have been just the opposite, since low oil prices benefit refineries.
Cheap oil encourages people to drive more which increases the demand for gasoline and diesel.
Furthermore, since the price of crude has dropped much more than the price of gasoline, diesel and other refineries products, the refining margin has been improving which means higher profits for refineries.
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