Reuters estimates 10 oil majors spent $1.1 billion on RINs through mid-2016

In New York state, Reuters analysis shows that a selection of major 10 oil refining companies spent $1.1 billion on RINs during the first half of this year, almost guaranteeing they’ll pass their record 2015 spend of $1.3 billion. The sector is suffering from tight margins, with the S&P 1500 index of oil companies showing losses of 18% so far this year compared to overall gains of 6.5% seen in the broader market. Reuters says RIN prices averaged 25% higher during the last quarter compared to last year.