Some observers, though, believe refiners were well situated to weather a lift on the oil export ban.

“They’re positioned to succeed regardless,” Carl Larry, head of oil and gas for Frost & Sullivan LP, told Bloomberg. “They can still make products cheaper than anywhere in the world. It’s the largest refining system in the world. Regardless of whether the U.S. exports crude, they’ll be ahead of the game.”

Market Vectors Oil Refiners ETF

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Max Chen contributed to this article.