Upcoming bill aims to change the way RINs are generated, priced
December 6, 2022
BY Erin Voegele
A group of five lawmakers on Dec. 2 announced plans to introduce legislation that aims to change the way renewable identification numbers (RINs) are generated and traded under the Renewable Fuel Standard by directing the U.S. EPA to issue the credits at a fixed cost.
Sens. Bob Casey, D-Pa., and Chris Coons, D-Del., and Reps. Mary Gay Scanlon, D-Pa., Brendan Boyle, D-Pa., and Donald Norcross, D-N.J., are the five lawmakers who announced plans for the bill.
A statement released by the lawmakers references several oil refineries located within their states and explains the upcoming bill would reduce RFS compliance costs for the companies that own those facilities.
According to information released by Casey’s office, the bill would direct the EPA to issue RINs at a lower, fixed cost for compliance with the conventional renewable fuel requirement. The lawmakers said this “government backstop-RIN” would create new source of revenue that could be directed toward the research, development and deployment of advanced biofuels; incentives to support advanced biofuels feedstock production; and support for wildlife and habitat restoration.
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