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Monday, April 25, 2005
E.N.R.O.N.
Nothing bad could possibly come of this:
Valero Energy Corp. said on Monday it has agreed to buy rival Premcor Inc. for $6.9 billion in cash and stock, vaulting it ahead of Exxon Mobil as the largest refiner of crude oil in North America.
We don't need competition in energy production, anyway. We should probably just wait a couple more years and grant anti-trust exemptions to which ever company is left standing. I'm sure that one company will look out for customers. It's not like one or two companies could game the system to drive up prices to their own advantage. I even have a name for the anti-trust bill: Energy's New Refining Oligarchy Now!
The deal, which is expected to spark further consolidation in the sector, will expand Valero's geographic reach in the United States and boost its processing of heavy, sour crude oil, which costs less to buy than lighter oil and generates higher margins.
"With industry margins at an all-time high, this is the best and most strategic acquisition, which will be a cash-making machine for the foreseeable future," said Fadel Gheit, a senior analyst at Oppenheimer & Co.
