Earnings News

PBF on RVOs and RINs

“High RIN prices do not increase ethanol consumption. Simply put, the facts show that high RIN prices did not get the ethanol industry past the blend wall. Therefore, the program operates with an insurmountable annual shortfall. Now we come to the point where if the program does not get fixed, it actually breaks.”

The market is more than halfway through the year without Renewable Volume Obligations (RVO) in place.  PBF believes that if the RVO percentages are held constant in 2021, the RIN bank could become depleted, potentially by the end of the year.

PBF President, Matt Lucey, “RINs are effectively permits to sell gasoline. If not enough RINs are available to meet the mandate, refiners will be forced to sell domestic ethylene…