Ethanol Plant Operators Say No to RIN Price Cap — Comments from Renewable Fuels Association Member Companies
(Renewable Fuels Association) Another White House meeting has been scheduled for Monday, March 12, to continue discussions between oil refinery and biofuels interests over the price of Renewable Identification Numbers, or RINs, which were created under the Renewable Fuel Standard (RFS) as a way to encourage refiners to blend more biofuels.
Below you will find links to comments from ethanol plant operators who are members of the Renewable Fuels Association (RFA) regarding the idea of capping RIN prices.
Rick Schwarck, president of Absolute Energy in St. Ansgar, Iowa met with President Trump on March 1 with other biofuels industry representatives
Schwarck explains how a 10 cent cap on the RIN price would impact demand.
Schwarck2 – 1:24
Randy Doyal, CEO of Al-Corn Clean Fuel in Claremont, Minnesota says the RIN system is working well right now.
Doyal1 – 1:37
Jeanne McCaherty, Guardian Energy management, explains how the positive impact ethanol plants have had on rural communities could be undone by a cap on RIN prices
McCaherty – 1:30
Greg Thompson is CEO of White Energy, based in Texas, and there would be a significant impact on the industry if the RIN price were capped.
Iowa Biofuels Groups Spotlight Oil Industry Study (Energy.AgWired.com; includes AUDIO)
BIOFUELS SUPPORTERS RAMP UP EFFORTS TO PROTECT RFS (Brownfield Ag News; includes AUDIO)
Ethanol producers fuel debate, lash out at Sen. Ted Cruz (KCCI; includes VIDEO)
Excerpt from Energy.AgWired.com: Iowa Renewable Fuels Association Executive Director Monte Shaw and Iowa Biodiesel Board Executive Director Grant Kimberley held a joint press conference Friday to discuss an oil industry study make public by Reuters that shows putting a cap on prices for Renewable Identification Numbers (RINS) would not be the “win-win” that Senator Ted Cruz of Texas has repeatedly said he wants for the both the oil and biofuels industries.
Shaw points out that RINS are essentially waiver credits that allow refiners to comply with the Renewable Fuel Standard (RFS) without actually blending any biofuels, and the study shows that the goal of lower RIN prices for the oil industry is to destroy demand for biofuels. “From the very beginning, the other side of this argument has been disingenuous, if not outright dishonest,” said Shaw. “They knew their plan would destroy demand, they knew that was their goal.” READ MORE