Biden Roils RIN Market

Under section 211 of the Clean Air Act, the Environmental Protection Agency (EPA) is required to set renewable fuel percentage standards every year. The EPA is required to calculate the value of the annual standards and publish these values in the Federal Register by November 30 of the year preceding the compliance period; except for biomass-based diesel, which is required 13 months preceding the compliance period.

Proposed rulemaking is due to be published by June 1 of each year, providing time for market comments prior to the final rule.  The EPA has yet to meet the November 30 timeline but has come close on several occasions. They have only met the proposed rule deadline once.

The 2021 renewable fuel percentage standards remain unknown six months into the year.  The market has seen this play out before.  The first time the EPA was this tardy in getting a final rule in place was 2013; that…