Philadelphia Energy Solutions sold 40 million RINs to raise cash

In Pennsylvania, Philadelphia Energy Solutions sold 40 million RINs in batches of 5 million each over the past several weeks in an effort to make millions that would help it pull itself out of bad financial straits. The company holds at least $550 million in debt that comes due next year, so selling RINs might be an opportunity. Last year it sold so many RINs that it held a $114 million short position, in hopes that RIN prices would fall and it could buy back what it needed at a discount.