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can still print cash at margins down 10% to 20% from peaks last week -- but you'll see a reaction" in refining stocks as crack spreads narrow, Chris Edmonds, managing principal at Energy Research & Capital Partners, tells Aaron Task on Tuesday's

"The Real Story" podcast. "I certainly wouldn't be putting new money to work there right now."

Edmonds came on the show to discuss Tuesday's big decline in crude prices and expectations for a big build in weekly gasoline stockpiles. The longtime contributor to


says gasoline prices may have peaked near term, but he expects them to rebound and retest recent highs later this summer. "If we are lucky and don't get forced refinery outages or hurricanes that disrupt capacity, we might have seen the highs but will retest them in July-August," he says.

Task's second guest, Senior Writer Vishesh Kumar, discussed the implications of news that the Federal Trade Commission is investigating


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acquisition of DoubleClick for possible antitrust violations. Kumar also answers the question

"What's Bugging Google?" as the search giant's stock continues to lag other Internet bellwethers.

In the remainder of the podcast, Task discussed the day's corporate news, including the tumble in

Advanced Medical Optics

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deal with Toshiba; and the latest in the


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legal battle.

The "Real Story" host also reviewed the latest round of M&A activity and merger speculation, including:

  • Royal Bank of Scotland, Banco Santander ( STD) and Fortis offered $95.5 billion in cash and stock for ABN Amro( ABN) -- the offer exceeds a competing bid from Barclays (BCS) - Get Barclays PLC Sponsored ADR Report.
  • URS (URS) agreed to acquire Washington Group( WGN) for $2.6 billion.
  • Genzyme ( GENZ) acquired Bioenvision( BIVN) for about $345 million in cash to gain exclusive rights to clofarabine, a cancer treatment for children.

In addition,





( CDWC) gained on speculation they may be takeover candidates, while

Peru Copper

( CUP) slumped after saying a deal couldn't be reached with a potential buyer.

Peru Copper also may have been hit by news of Chinese officials' latest attempts to quell speculation in local markets, Task says.


here to listen to the entire podcast.