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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Taikun who wrote (40477)	3/21/2005 9:50:31 AM
From: Dennis Roth	Read Replies (1) of 206110

Taikun, I would look at Premcor ( PCO ) and Valero ( VLO ) Message 21008403 VLO's got the complex refining system to handle the plentiful heavy sour crude. PCO is working on an attractive deal with EnCana to upgrade one of their remaining light sweet refineies to handle heavy Canadian Oil Sands output. Several months ago I sold my Sunoco and bought Premcor in part because all of Sunoco's refineries handle light sweet only and I see the Peak Oil phemonena happening in light sweet first. The retail price of gas and diesel is about the same no matter what a R & M uses for feed stock and its been the light sweet that has been zooming up and has a higher political risk. I've sold all my pipeline MLP's. A rising interest rate enviroment is not good for MLP's and they've lost a lot of their tax advantage now that the tax rate on ordinary dividends has been lowered.

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