BP says it’s doing well thanks to being net long on RINs

In the UK, BP says it’s fairly well positioned in terms of exposure to RINs, which have gone sky high in the past few months ahead of the E10 blend wall. That price increase has caused some in the oil industry to criticize the RFS but BP says it was able to trade into the market as it is currently net long on RINs, allowing the company to turn a profit on recent spikes that have topped $1.50.