Tag: RIN

Oversupply of RINs could still keep prices low despite increased blending

Oversupply of RINs could still keep prices low despite increased blending

August 26, 2019 |

In Washington, Reuters reports that RIN markets have responded positively to the news that President Trump wants to boost ethanol blending by 500 million gallons in an effort to reduce demand destruction for ethanol created by the issuance of hardship waivers by the Environmental Protection Agency, but excess RINs in the market could weigh on […]

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PES held short position on RINs three months before announcing closure

PES held short position on RINs three months before announcing closure

June 27, 2019 |

In Pennsylvania, Reuters reports that during the two months leading up to the Wednesday announcement that Philadelphia Energy Solutions would close, claiming that the decision was due to a fire, two sources said that the country had built up as much as 90 million dollars’ worth of short positions in RINs over the past several […]

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EPA seen unveiling watered-down version of RIN market reform

EPA seen unveiling watered-down version of RIN market reform

May 27, 2019 |

In Washington, Reuters reports that the Environmental Protection Agency has received pushback from lawmakers regarding some of its proposals to reform how the RIN market operates, saying the proposals need more time to study, so the agency will likely reveal a watered-down version of its plans before month’s end. President Trump had asked the agency […]

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Federal jury convicts PA man for RIN fraud

Federal jury convicts PA man for RIN fraud

May 2, 2019 |

In Pennsylvania, a federal jury in Reading convicted David M. Dunham Jr. of the following crimes: conspiracy to commit wire fraud and defraud the United States; wire fraud; filing false tax documents; and obstruction of justice. The conviction stemmed from Dunham hatching and executing a scheme to defraud the Environmental Protection Agency, the Internal Revenue […]

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Valero’s Q1 RIN spend sinks to $91 million from $206 million in Q1 2018

Valero’s Q1 RIN spend sinks to $91 million from $206 million in Q1 2018

April 25, 2019 |

In Texas, Bloomberg reports that Valero’s Q1 Renewable Fuel Standard compliance costs fell by more than half to just $91 million compared to $206 million last year, thanks to lower RIN costs. The lower RIN costs more than compensated for losses in the company’s ethanol sector that saw operating profit fall to just $3 million […]

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RIN prices rise on the back of expectation EPA won’t approve some waiver applications

RIN prices rise on the back of expectation EPA won’t approve some waiver applications

April 15, 2019 |

In Washington, Reuters reports that RIN prices rose last week on the back of statements from the administrator of Environmental Protection Agency’s that the agency may reject some applications for hardship waivers due to RIN prices being so low. RINs for 2018 compliance rose on Thursday to 13 cents from 8 cents while RINs for […]

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EPA administrator doesn’t think it’s possible to reassign waived RIN obligations

EPA administrator doesn’t think it’s possible to reassign waived RIN obligations

April 3, 2019 |

In Washington, Platts reports that the administrator of the Environmental Protection Agency doesn’t believe RIN obligations that have been waived under the hardship waiver program can be reassigned to other obligated parties to make up for the missing ethanol gallons. The agency is reviewing 39 hardship waiver applications for 2018, one left over each for […]

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Debate continues at latest EPA public hearing over proposed ethanol changes

Debate continues at latest EPA public hearing over proposed ethanol changes

March 31, 2019 |

In Michigan, the debate between the oil industry and rural farming continued on Friday during the Environmental Protection Agency public hearing to discuss proposed ethanol policy changes including year-round E15, small refinery exemptions, and RIN reform. RFA, Growth Energy, Fueling Jobs Coalition, American Petroleum Institute and several others had lots to say about the proposed […]

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CVR Energy’s 2018 RIN compliance costs fell 76% on year

CVR Energy’s 2018 RIN compliance costs fell 76% on year

February 25, 2019 |

In Washington, Bloomberg reports that an SEC filing by Carl Icahn’s CVR Energy shows the company saved $189 million in RIN compliance costs last year on the back of extensive lobbying he did with the President to get the Renewable Fuels Standard changed to reduce RIN costs for small refiners. RIN prices have tumbled in […]

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EPA preparing several options for RIN reform

EPA preparing several options for RIN reform

February 21, 2019 |

In Washington, Bloomberg reports that the under orders from President Trump, the Environmental Protection Agency is preparing to propose a complete reform of RIN trading that would keep speculators such as banks out the market. There has been concern that speculation has led to higher RIN prices that have in turn burdened some parts of […]

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