Valero’s Q2 RIN spend triples while 2016 buy likely to nearly double

In Texas, Valero’s RIN spend more than tripled during the second quarter $173 million, pressuring already thin margins during the reporting period. The company expects its RIN purchases to reach as high as $850 million this year compared to $440 million in 2015. But despite tough times, the oil major still managed to rake in $843 million of profits. The company sued the EPA earlier this year claiming that some refiners are treated differently when it comes to RFS compliance.