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Refineries press Biden for relief on biofuel credits

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Elderberry:
Houston Chronicle by James Osborne 6/18/2021

Oil refiners are lobbying the Biden administration to adjust the nation's biofuel mandate to offer relief from a record spike in the price of the renewable fuel credits that refineries are required to buy to meet their federal obligation.

With fuel demand still recovering from the COVID-19 pandemic, the price of biofuel credits, known as RINs, has more doubled from last year to more than $2 per credit — their highest price in the program's 15-year-history. That could stick U.S. refineries with a more than $30 billion bill for the year, according to the Association of Petroleum and Petrochemical Manufacturers.

“Where politics are concerned billions and trillions don't mean so much, but for merchant refineries these bills are crushing,” said Derrick Morgan, senior vice president of federal and regulatory affairs at the trade group. “The president should look at these numbers and take swift action to reform the biofuels program.”

President Joe Biden is under pressure not only from refiners but also labor unions representing refinery workers and members of his own party, including the Democratic senators from Biden's home state of Delaware, Chris Coons and Tom Carper.

More: https://www.houstonchronicle.com/business/article/Refineries-press-Biden-for-relief-on-biofuel-16258794.php

IsailedawayfromFR:
It ain't gonna happen.

Biden will likely increase the credits to satisfy his base instead of decreasing them.

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