EPA Regulation and the decline of oil prices gave the whole refining industry a bad name a few years back. Then, with threats -- since retracted -- of more regulation in New Mexico, Western Refining (WNR) with its two operating refineries, sold at a discount. The discount has receded over the past year as the shares have climbed some 115%. See Western Refining's market capitalization below:
WNR Market Cap data by YCharts
From my end, I made the mistake of considering the EPA's assault on pollutants and tight refining margins a big problem for refiners -- so big, in fact, that I tuned out. That was a mistake, but perhaps others are still tuning out, because prices...