Valero’s Q1 RIN spend sinks to $91 million from $206 million in Q1 2018

In Texas, Bloomberg reports that Valero’s Q1 Renewable Fuel Standard compliance costs fell by more than half to just $91 million compared to $206 million last year, thanks to lower RIN costs. The lower RIN costs more than compensated for losses in the company’s ethanol sector that saw operating profit fall to just $3 million from $41 million the year prior due to low ethanol prices. The company produced an average of 4.2 million gallons per day, more than 104,000 gallons per day higher than last year.