Renewable fuel credits decline more than 15% on fears of EPA refinery waiver ruling appeal

In New York, Reuters reports that U.S. renewable fuel credits fell more than 15% on Friday after news the Trump administration plans to appeal a federal court decision that cast doubt on a program exempting small oil refineries from biofuel blending laws.

“The administration had previously intended to respond to the court decision by scaling back the waiver program,” according to Reuters. “But a conversation between President Donald Trump and Senator Ted Cruz of Texas helped push the administration to shift course, two sources familiar with the matter said.”

Renewable fuel blending credits, or RINs, which refineries must earn or purchase to show compliance with the U.S. Renewable Fuel Standard (RFS), traded at 34 cents each on Friday morning, down from 40.5 cents each the previous session, traders said.