Well, it might be wrong, too.
“Valero Energy Corp. is taking another step toward expanding its Norco refinery by seeking approval of $1 billion in Gulf Opportunity Zone bonds from the St. Charles Parish Council.
Company officials stressed that they have not committed to the project to expand the refinery’s capacity from 220,000 barrels of crude per day to 380,000 barrels, but the company is lining up permits and financing before making the decision.
“The permitting process is kind of lengthy, so it’s best to get the permits in place before taking it to the board for approval,” Valero spokesman Bill Day said Friday.”
http://www.nola.com/news/t-p/frontpage/index.ssf?/base/news-8/118197314065850.xml&coll=1
“A secretive project dubbed “The Gorilla” by inhabitants of Elk Point, S.D., turns out to be a planned 400,000 barrel-a-day oil refinery. That’s right. Do not adjust your computer monitor. A refinery. If actually built, it would be the first new one in this country since Marathon Oil (NYSE: MRO) opened its Garyville, La., plant in 1976.”
http://www.msnbc.msn.com/id/19246620/
If Valero could post $5.5 billion in profits for 2006, and they had the money to announce a $6 billion stock repurchase plan in April, then why do they need a federal subsidy to expand their core business?