Oil Industry Asking for Help with Rising Costs agnews890.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from agnews890.com Daily Mail and Mail on Sunday newspapers.
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 yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Daily on Energy, presented by Bipartisan Policy Center: Former Trump adviser lobbies GOP to reduce emissions through trade policy Print this article
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THE BANKS AGENDA: Former Trump administration international energy adviser
George David Banks wants his party to pursue deeper global emissions reductions through trade policy.
Banks, most recently the chief Republican strategist on the House Select Climate Crisis Committee, left his position last week to shape the GOP agenda from the outside working for three different think tanks.
By Stephanie Kelly NEW YORK, March 16 (Reuters) - U.S. renewable fuel credits this week hit fresh multiyear highs, while an oil refining trade group urged the Biden administration to use its authority to help stabilize the market. Prices for so-called Renewable Identification Numbers, or RINs, have climbed all year as costs for feedstocks such as soybean oil increase and as market participants bet on reduced exemptions granted to oil refiners that would waive them from U.S. biofuel blending requirements.