a) pumping up crude and selling it
b) buying crude and refining it
c) buying refined fuels and selling it wholesale
d) buying wholesale and selling at the pumps
e) something else

Or rather what combinations of the above are they? This is in no way a rethorical question, I do not know the structure of the oil market.

Companies that does A profits from higher prices (as long as it is not their pumps offline), B-D can profit if they can pass on price hikes and then some.

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