Valero may spend triple last year’s buy on RINs

In Texas, Valero is turning back on its ethanol plants because of high ethanol prices that will cost them two to three times as much as it did last year on RINs, perhaps as high as $750,000. The company is calling for either an end to the RFS or to make ethanol blenders responsible for RFS blending mandate requirements rather than importers and refiners. HollyFrontier’s CEO said that brokers and funds should stop using the RIN market like a casino, which completely goes against the idea of the RFS.