Big Five rakes in $23 billion in wake of EPA rollback

November 25, 2013 |

In Washington, in the wake of the EPA rollback, the Big Five oil companies reaped a combined $23 billion windfall. Average valuation of outstanding shares jumpedby more than 2% in just one day after the announcement, quadrupling the performance of the Dow Jones Industrial Average. Contrary to their argument, however, gas prices are actually slightly higher than before the announcements, bringing no relief to Americans at the pump. Meanwhile, ethanol indexes tanked by up to 6%.

 

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