Too much gas: Goldman says sell Sunoco, Valero
Gasoline glut, weak economy, more foreign refining adds up to weak results for Sunoco and other US refiners, say Goldman Sachs' energy analysts
This summer's gasoline glut (despite higher speculative oil costs), the weak economy and an expansion in foreign refining capacity has Goldman Sachs' energy analysts urging investors to sell Sunoco, Valero, Tesoro and other U.S. refining stocks. Link to MarketWatch summary here.
Seems unfair, no? The gas retailers get all the blame for higher prices, but they don't get to enjoy the higher profits, which go to (mostly) foreign oil producers, and speculators, like hedge and pension funds.