Earnings season is in full swing, and for energy companies, that means another quarter of record-smashing numbers. That includes one of the world's largest refiners, Valero Energy Corp. (NYSE: VLO), which reported its results before the market opened on Oct. 22. The company posted another quarter of sharply higher revenue and record earnings, yet the stock sold off in the session after the conference call. One potential cause is geopolitical, as the Trump administration plans to bring Russian diesel into the U.S. to push down record prices. Now that Q3 is in the rearview mirror, the big question is how much of this margin survives into Q4, when Washington wants prices lower. Has a new baseline formed, or has Valero peaked in its earnings cycle?
