VLO - Oil refiners warn of $30B biofuel compliance costs in seeking relief

The top U.S. refining trade group warns the cost of complying with the federal biofuels mandate could soar past $30B this year, and are lobbying the Biden administration to lower annual quotas of how much ethanol, biodiesel and other renewable fuels they must blend into their products.Compliance with U.S. Renewable Fuel Standard could add as much as $0.23/gallon to the cost of wholesale fuel production this year, the American Fuel and Petrochemical Manufacturers says, basing its analysis largely on recent record-high RIN prices.Ethanol producers are pushing back, saying production of ethanol and biodiesel - and RIN generation - will rise this year and next as the U.S. recovers from COVID-19, and maintaining that RIN prices are high because not enough ethanol and other biofuels are being blended into the fuel supply.Among potentially relevant tickers: [[PBF]], [[VLO]], [[MPC]], [[PSX]], [[HFC]], [[CVI]], [[DK]], [[ADM]], [[DAR]], [[REGI]], [[GPRE]], [[GPP]]Democrat members of the U.S.

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Oil refiners warn of $30B biofuel compliance costs in seeking relief