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Oil’s Down But Refiners Are Up

The oil sector’s best performers .

Summer barbecues are wonderful diversions. They’re opportunities to get together with neighbors to swap tales of recent adventures on the road, in the air and on the sea. In the market as well.

A knot of such folk recently formed around my grill to watch over their steaks. Mr. Rare-As-You-Can-Get-It unreeled a saga about driving through the Deep South and discovering “the cheapest gasoline in the country.” Apparently, cut-price petrol helped finance his sojourn to Civil War battlefields and museums. “South Carolina and Alabama!” he exclaims. “That’s where you find the really cheap gas. It’s a full dollar cheaper – per gallon – than the stuff we buy here.”

“Oh, yeah?” says Mr. Medium-But-Leave-A-Lotta-Pink. “Maybe that explains why my oil stocks are taking a beating this year. How do you make money selling gas for less than two bucks a gallon nowadays?”

That prompted Mr. Well-Done-But-Not-Burnt to blurt, “Wait a minute. You own oil stocks? Refiners?”

“Nope. The majors. You know...


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