You have compiled the following Price Earnings data for three stocks in the Oil Industry.

Company Price Earnings Ratio

Exxon 25.5

Chevron 23.0

BP 28.3

Which is a possible explanation for the differences in P/E ratios?

	a.	Exxon's has a higher discount rate than Chevron's.
	b.	Chevron's has a lower discount rate than BP.
	c.	The market believes that BP has more growth opportunities than Exxon or Chevron.
	d.	Exxon's has higher earnings that either BP or Chevron.