Investing
Bolling: Chevron, Tesoro Ready to Roll
05/05/08 - 12:27 PM EDT
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The barrel will lighten in price. This is margin for the refiner. And the summer driving season kicks off in just a few weeks. Margins are coming to a refiner near you! I have always loved Chevron. It's true that the company is an integrated oil company, not just a refiner, but Chevron has several refineries on the West Coast. They run crude into a very high-priced California gasoline market, where the price for gasoline typically runs 30 cents to 50 cents per gallon higher than elsewhere east of the Mississippi. Chevron makes the added margin when the pump prices strengthen. I also like Tesoro. Early last year, I owned Tesoro on the basis of valuation and the fact that it is also a refiner of jet fuel. Jet fuel has remained in high demand in spite of the airlines' well-documented problems. I am feeling the refiners are ready to turn to the upside again. Tesoro is sitting just a dollar and change off its 52-week low, and its price-to-earnings (P/E) ratio of 6 is the lowest in the group mentioned above.
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