The (https://www.marketwatch.com/story/the-energy-markets-rising-crack-spread-is-threatening-to-break-the-american-consumer-90b421dc?mod=mw_rss_topstories) is real, and refiners like MPC are posting strong numbers—but the margin story is more nuanced than headlines suggest. MPC posted in net income on revenue, but the net margin sits at , not the elevated compression the headline implies.

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