Look no farther than Exxon's (XOM) Q4 results - even if rather lackluster - for the damage government interference has done to Petrobras (PBR), Ben Levisohn writes. XOM improved profits to $2.20/share from last year's $1.97 largely because refining margins rose. PBR has been hammered because Brazil's government hasn't allowed it to raise fuel prices to levels it needs to pay to import oil for refining.
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