Some oil refiners playing chicken with Biden Administration by seriously shorting RINs

In Washington, Reuters reports some major oil refiners are building up short positions in the RIN market in hopes the Biden Administration will bail them out rather than have to buy up the credits required to comply with the Renewable Fuel Standard. If Biden doesn’t bail them out, then they are so far in the hole that they would be required to shut down refineries and fire union workers, which would set up a disaster that politically Biden would have a hard time fighting. In essence, it’s a very dangerous game of chicken.

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