Deficits in the Renewable Fuel Standard (RFS) program soared by 50% and Renewable Identification Number (RIN) prices climbed by 13% in the two trading days following the release of the Environmental Protection Agency (EPA)’s annual compliance data report on May 16.

The EPA implemented safeguards in 2023 to correct a growing discrepancy between projected and actual fuel consumption that caused deficits in the RFS program to grow. The EPA added a 3.5% buffer to account for continued shortages in the projected fuel consumption estimates, but this measure fell flat.

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