All refiners and all integrated oil and gas companies are set for a windfall of profits. Extraordinary refining margins have boosted profitability. Refining profits may have peaked in the second quarter. Amid soaring gasoline prices in the second quarter, the eight biggest independent U.S. refiners are set to report later this month a huge 652% sequential jump in their average earnings per share (EPS), according to estimates from investment bank Tudor Pickering Holt & Co cited by The Wall Street Journal . All refiners and all integrated oil and gas companies are set for a windfall of profits for the second quarter as U.S. gasoline prices soared to the highest ever on record of over $5 per gallon in early June. The biggest refiners are also expected to generate billions of cash flow from operations as refining margins are at their highest in many years. “We’re seeing margins twice […]