The Forensic Accountant nailed the setup on energy margins cracking, but the real damage isn't at the pump—it's in the crack spread. (https://www.cnbc.com/2026/07/21/iran-war-economy-markets-trump.html) is a tailwind for WTI, sure, but integrated oil's refining exposure is the tourniquet. Look at Chevron: $47.6B annual revenue with a 4.6% net margin and -$1.5B in annual free cash flow.

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