This will be past on to the consumer anyway not due until 2017. The EPA may also be challenged on this. GAsoline drawdown again today. hink this will rebound quickly . WNR is a great company also nice dividends
This is one of those opportunities that come along for various stocks every now and then. I've been buying into this panic sale. A rule that doesn't take effect until 2017, if at all, that will get passed along to consumers is a foolish reason to run away from any high yielding refiners that were loved last week. Now that some of them are saying the costs will be minimal, Valero is looking more and more like the chump of the day.
Commenting on the proposed EPA rules, Northern Tier Energy (NTI) said today that complying with the new standards will have "no material financial impact." NTI shares have been down as much as 6.6% this morning.
CVR also said (in a news release this morning) that the operating costs of the proposed rules are "not expected to be material to the company's performance." CVR also announced that proposed rules will have no impact on the company's previously announced 2013 distribution guidance of $5.50 to $6.50 per common unit.
This is the big boys that went short earlier. Having a field day now because they have continued shorting. Earlier every pullback was a buying opportunity. Now a lot of folks holding the knife as the big boys push it lower. There is a reason the wall street firms make 100 million a day trading. They run the market.