Shares of oil refiners have gushed higher over the past year, but so have earnings - meaning the...

|By:, SA News Editor

Shares of oil refiners have gushed higher over the past year, but so have earnings - meaning the stocks may still look cheap. "It's a circular formula," Oppenheimer's Fadel Gheit says: Belief that the refiner boom will end keeps investment low, which strains capacity and keeps the boom running. Analysts have underestimated refiner earnings for six straight quarters, and they still are. (also)