This past week, Fortune Magazine released their annual ‘Fortune 500,’ which for the first time placed San Antonio based business Valero Energy in the top ten of America’s largest corporations.
Previously ranked number 16 in the 2008 rankings, Fortune Magazine credited Valero’s rise in part to Valero’s significant refinery earnings beginning in the late 1970’s. The article stated in part as follows:
Remember a couple years ago, when experts blamed high gasoline prices on the fact that the U.S. hadn’t built a new oil refinery since 1976? Back then Valero was practically minting money, earning upwards of $20 for every barrel of gasoline it refined.
Notably, formerly San Antonio based AT&T also placed in the top ten, coming in at number 3.
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