Oil industry launches six figure ad campaign demanding Biden rein in RFS costs

In Washington, the American Fuel & Petrochemical Manufacturers (AFPM) is going live with a six-figure, multi-channel ad campaign spotlighting the what it says are surging costs and unprecedented impact of biofuel mandates on America’s refineries and the need for immediate action from the President to get these costs under control. The campaign is anchored by a TV buy in Pennsylvania, Delaware, Maryland, and Washington, D.C., and also includes digital and billboard components.

2021 has been filled with RFS price volatility.

• • RIN prices set new highs 46 times this year, eclipsing by 27% the previous all-time D6 RIN record from 2013 ($1.44 to $1.98 per Argus).
• • Ethanol gallons have outpriced wholesale gasoline in 21 out of 27 weeks this year (New York Harbor spot prices).
• • Amid these prices, some individual refineries faced quarter one (2021) RFS obligations exceeding their entire annual RFS bills from prior years. One Pennsylvania facility had a 2019 RFS bill of $58 million. In just the first three months of 2021, reports say they amassed a $350 million RFS liability.