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Oil industry asking for help with rising costs
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Oil Industry Asking for Help with Rising Costs
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Oil is on longest run of declines in over a year as rally frays
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by Bloomberg
|Wednesday, March 17, 2021
Oil refiners can meet their federal biofuel blending quota by buying so-called Renewable Identification Numbers.
(Bloomberg) Here’s the latest sign of America’s recovery from the pandemic: the market for obscure biofuel credits known as Renewable Identification Numbers is taking off.
Oil refiners that make gasoline are required by law to blend biofuels with it, but if they don’t, they can meet their federal quota by buying so-called RINs. Soon, as pandemic-weary Americans hit the road and plan summer vacations, there may not be enough RINs to go around. That’s causing the price of such credits to surge.
Pump Prices Rise as Refiners Warn of Scarce Biofuel Credits
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