On The Call: Valero CEO on fuel demand

NEW YORK

Valero Energy, America's largest independent oil refiner, on Tuesday posted its first profitable quarter in more than a year.

After struggling with low gasoline demand, Americans are returning to the roads, according to government statistics. Valero CEO Bill Klesse told analysts that so far third quarter profit margins are down from the second quarter, but they're still "relatively good."

QUESTION: A rise in petroleum demand helped you in the second quarter. How do you see the next (quarter)?

RESPONSE: "We need the economy to get going here. We need people to get back to work, but we still think the third quarter is going to be okay for us."