Big Upside for Chevron and Exxon
Chevron (CVX) and Exxon Mobil (XOM), integrated oil giants and Dow Jones Industrial Average components, look ready to break out of multiyear trading ranges and head up to new highs. These long overdue rallies should give a major lift to the refining group, which has underperformed the broad energy complex since the current bull market began in early 2009.
Election-year politics could drive the coming rally because rising gas prices have shined a harsh light on America's failure to keep refined products here in the States, due to the odd disparities in pump prices around the world. U.S. refining is a particularly cutthroat industry, with no new plants built since 1976, and sending gas to foreign markets allows companies to increase relatively low profit margins....626 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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