Did Sunoco sell too soon?

"Lower oil prices promise wider returns for fuel makers," writes Bloomberg's Bradley Olson and Joe Carroll here.

"Gushing shale wells from North Dakota to the U.S.-Mexico border have lowered costs and more than doubled profit margins on gasoline and diesel production." Billionaire Warren Buffett and veteran corporate raider Carl Icahn "are among bullish investors buying into refining stocks as analysts forecast a new era of profits akin to the... mid 2000’s, when rising global demand and tight capacity lifted earnings...

"Valero and Marathon Petroleum" shares are rising, "showing that investors have growing confidence that their earnings will rise... Phillips 66, Tesoro Corp. (TSO) and other independent refiners surpassed Wall Street expectations for second-quarter earnings, while big integrated oil companies such as Exxon Mobil Corp. and Chevron Corp. relied on their refineries to help counter the sting of declining crude and natural-gas profits."

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