Carl Icahn’s CVR Energy found to have shorted RIN market in 2016

In Washington, presidential advisor Carl Icahn’s CVR Energy did in fact short the RIN market in 2016, selling RINs at an average of 77 cents and reaching highs of $1 while the credits it now needs for compliance are averaging 55 cents. Prices fell after President Trump won the election and then again when Icahn was appointed as a special advisor. Reuters analysis shows the company estimated at the end of last year that it needed $186 million in RINs, following sales. Prices have fallen since then as well.