RINs — Renewable Identification Numbers — have been in the news recently as a part of the ongoing political battle between oil companies and renewable fuel proponents.
“When the EPA put in place the Renewable Fuel Standard, they had to be sure the proper amounts of renewable fuels were being blended into the nation’s fuel supply. To account for that they created RINs. Every time a gallon of renewable fuel is created, a RIN is attached to it. It is an accounting system to make sure the RFS mandate is met. It is a tracking number for every gallon of biofuel created in the U.S.,” said John Torres, with Ohio Corn & Wheat. “RINs are bought and traded because not every fuel refinery in the country blends ethanol or biofuels. Those refiners that do not blend biofuels have to buy a RIN in order to offset the percent of the renewable fuels that is mandated.… Continue readingRead More »