Surging Fuel Demand Prompts Marathon Petroleum’s $23 Billion Deal

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Surging Fuel Demand Prompts Marathon Petroleum’s $23 Billion Deal

Marathon Petroleum Corp.’s $23 billion deal to buy rival Andeavor will create the largest American oil refiner just as an oil-price surge and growing global demand for fuels set the stage for an extended industry rally.

The U.S. refining business, once seen as cash-gobbling assets that weighed down lucrative drilling units, has been one of the most profitable sectors in the U.S. economy in the past five years.

Marathon’s…

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