Reports that the Biden administration is thinking of making big cuts to the U.S. biofuel blending requirements already had an effect on the industry.
After Reuters reported the news, credits used to prove compliance with the requirements, called RINs, fell to 92 cents each, down from $1.07 in the previous session, traders said.
“If these rumors are true, this would be backpedaling on the president’s commitments to uphold the RFS and would add 22.8 million metric tons of carbon emissions back into the air — the equivalent of putting 5 million cars back on the road,” Growth Energy CEO Emily Skor said in an emailed statement Wednesday to POLITICO.
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