Valero margins squeezed by rising crude prices

The largest independent petroleum refiner in the U.S. said Tuesday it lost nearly $500 million in the third quarter as it was caught between a rise in oil prices and a slump in American travel.

It was the second quarterly loss in a row for Valero. The company, which is based in San Antonio, Texas, lost $254 million between April and June.

The recession has forced companies to slash travel budgets and so many workers have lost jobs that demand for the gasoline and jet fuel made by refiners has fallen sharply. But Valero's problems also show how the weak U.S. currency has hurt companies that typically see only a modest shift in results related to exchange rates.

Read Full Article from The Associated Press

- Posted: 2009-10-27 12:48:37

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