Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production of RINs on record, providing downward pressure on RIN values due to the large surplus of 2023 D4 RINs generated during the year.
The original 2024 RIN mandate calls for 21.54 billion total RINs: 1.09 billion cellulosic D3 RINs, 4.86 billion biomass-based diesel (BBD) D4 RINs, 6.54 billion advanced biofuel D5 RINs, and 15 billion conventional biofuel D6 RINs. The advanced mandate of 6.54 billion RINs has the D3 and D4 mandated nested within.
The original mandated totals are based on percentages. The percentages are calculated against EPA and the US Energy Information Administration (EIA) fuel consumption estimates at the time. The EIA provides monthly fuel consumption updates to the forecasted amount until the actuals for 2024 are known.
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07.26.2024
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