Wyden asks EPA for information about RIN price fluctuations

US Senate Energy and Natural Resources Committee Chairman Ronald L. Wyden (D-Ore.) asked the Environmental Protection Agency for data to explain unprecedented volatility in the market for Renewable Identification Numbers (RIN). RINs are designed to help refiners meet alternative fuel volume requirements under the federal Renewable Fuels Standard.

“Given that ethanol is an increasingly important factor in the cost and supply of motor fuel in the US, it is critical that the committee have a better understanding of the causes and effects of RIN market volatility and developments,” Wyden said in a Mar. 22 letter to EPA Acting Administrator Robert Perciasepe.

Wyden asked EPA to provide data concerning RINs market volatility and irregular trading, and deficits and surpluses in RINs carried over from the previous year, as well as US production and consumption of biofuels as part of preparation for a hearing on gasoline prices later this spring.

Refiners are required to blend 13.8 billion gal of ethanol into the US gasoline supply this year, Wyden said. Prices for conventional RINs rose from 7¢/gal at the beginning of January to $1.10/gal during the first week of March, he noted.

His request came 2 days after the American Petroleum Institute and Republican Sens. David Vitter (La.) and Lisa Murkowski (R-Alas.) separately asked EPA to address RIN costs, which have jumped 1,400% since the beginning of 2012 (OGJ Online, Mar. 21, 2013).

Contact Nick Snow at nicks@pennwell.com.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected