Oil refiners short $1.6B in RIN market waiting for Biden bailout

In Washington, Reuters reports that corporate filings show oil refiners such as PBF Energy, CVR Energy, Delta Airlines and Par Pacific Holdings are so confident that President Biden will bail them out or that RIN prices will fall that they are short by more than $1.6 billion worth of credits. Reuters’ review shows that PBF has the largest liability of all of them at a whopping $848.3 million compared to $118.4 million during the same period last year, although it’s not clear how much is outstanding. The company says it has been actively buying RINs.