Merchant refiners spent $2.4 billion in RINs in 2016

In Washington, merchant refiners spent a total of $2.4 billion on RINs in 2016, just shy of the $2.5 billion estimated in August, more than 108% higher on the year. With D6 RIN prices up more than 30% during the last half of the year compared to Q1 as demand increased following higher blending for 2017 and an increase by 7% on the year for 2016. Merchant refiners are pushing hard via their man in the White House Carl Icahn to get the point of obligation moved away to anyone but them.