I think what many people will soon find out that "variable" distribution MLPs that are benefiting from the cyclical top will have to "cut" their distributions when margins compress. Based on the euphoria that I see on many of the boards regarding the refining MLPs..I think it will be a tough pill to swallow for some of them.
I've argued that the proliferation of the MLP space into these sectors probably does more harm than good. Half of the investors don't even know what they own, they see the high yield on a screen and know it is an MLP. Most of these investors do not realize that "variable" means it can also go down.