U.S. refiner biofuels costs top $1 billion, nearing 2013 record

5 Mar 2016   Biofuels, USA

U.S. oil refiners paid more than $1 billion to comply with rules to produce more ethanol-infused gasoline last year, the most in two years, according to filings that will likely intensify the debate over who should foot the bill for the nation’s biofuels programme. Eleven companies, including Valero Energy Corp and Marathon Petroleum Corp, shelled out $1.27 billion last year for credits, known as Renewable Identification Numbers or RINs, as they raced to stock up on paper credits to meet ethanol quotas set by the government after years of delays, according to securities filings reviewed by Reuters. Uncertainty over the Environmental Protection Agency’s plans for its biofuels policy through 2016 also boosted prices of the renewable fuel credits, which were on average 14 percent higher last year than in 2014. The total cost was up by […]

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