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cracks are still much higher than historical average and trending upwards. and Petron is about retail really, aggressively adding stations while demand is crazy high. Look at the massive traffic jam since we reopen. back to refinery, world is lacking of it and you can't just add one, unlike glove production line. overall, biggest downside is targeted subsidy curbing domestic demand but not happening with election around the corner. fair value SHOULD be higher:)