REGI - EPA denies 31 refinery biofuel waivers but nixes RIN requirement

The Biden administration on Thursday rescinded waivers that had been granted to 31 refineries from U.S. biofuel blending requirements for the 2018 compliance year, but said it will not require the facilities to buy RIN compliance credits to fulfill the quotas, Bloomberg reports. The Environmental Protection Agency said the 31 exemptions granted in 2019 were wrongly authorized because any economic hardship suffered by the facilities was not directly caused by the Renewable Fuel Standard program that compels refineries to mix alternatives such as corn-based ethanol into gasoline and diesel. Potentially relevant tickers include (NYSEARCA:CRAK), (NYSE:PBF), (NYSE:VLO), (NYSE:MPC), (PSX), (CVI), (ADM), (GPRE), (REGI), (DAR), (CLNE). Biofuel supporters likely will take a dim view of the decision to effectively absolve refiners of the need to purchase as many as 1.43B RINs affected by the 2018 exemptions, but refining advocates have warned that forcing refineries to acquire RINs, to satisfy previously waived quotas

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EPA denies 31 refinery biofuel waivers but nixes RIN requirement