Wall Street Journal says RFS could lead to economic meltdown like mortgage-backed securities

In Washington, the Wall Street Journal has likened the economic impact of oil companies’ obligation to blend biofuels or buy RINs under the Renewable Fuel Standard to when banks busted the US economy with mortgage-backed securities. It blames the EPA for choosing to make oil refiners and importers as the obligated party for creating a potential economic meltdown like the one seen in 2008. Instead, it says that blenders make windfall profits while refiners, especially merchant refiners, suffer and face bankruptcy that would lead to higher oil prices from oil giants setting prices at levels that be untenable for anyone else.