EPA Proposes Changes to RINs for Renewable Fuel Refiners & Importers
The Environmental Protection Agency is proposing changes to Renewable Identification Numbers (RINs) used by petroleum refiners and importers to show compliance with their renewable fuel volume obligations under the Renewable Fuel Standard Program. The proposal would create a voluntary quality assurance program, and would provide for verification of all RINs for 2013. Other changes would ensure RINs for exported fuel are retired, EPA said.
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The Renewable Fuel Standard program sets minimum levels for use of renewable fuel as transportation fuel, home heating oil, and jet fuel each year. RINs are assigned to each batch of produced or imported renewable fuel, and are used by refiners and importers as proof that minimum percentages are met.
According to EPA, fraudulent RINs have led to “inefficiencies and a significant reduction in the overall liquidity in the RIN market.” Smaller producers have found it hard to sell their RINs as a result.