Icahn writes to EPA urging revamp of RIN market before refinery meltdown

In Washington, billionaire investor Carl Icahn has written a letter to the Environmental Protection Agency urging the regulator to revamp how the RIN market works or risk many refiners going bankrupt as a result of “the mother of all short squeezes,” Reuters reported the letter saying. Icahn owns 82% of CVR Refining, one of the independent refiners that is getting hit hard by rising RIN prices, and calls the current functioning of the RIN market “rigged” in favor of windfall profits for big refiners and large speculators.