Refiners shares continued to tumble for the second day as investors and analysts worried about profit margins in the face of potential stricter regulations.
Valero Energy (VLO) shares lost 5% in the stock market today after falling 5.7% on Tuesday. CVR Energy (CVI) fell 4.7% intraday. Phillips 66 (PSX) shares plunged more than 7%. Marathon Petroleum (MPC) shares were down nearly 7%.
Last week, the EPA said a White House proposal to reduce the amount of sulfur in gasoline and raise auto emission standards would raise gasoline prices by less than a penny a gallon.
Refiners would take on the majority of the cost, and, if passed, the new ruling would have serious consequences to their low-margin business.
Source: Investors Business Daily. Read full article. (link)