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

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

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