U.S. renewable fuel credits double since court decision on refinery waivers

U.S. renewable fuel prices have doubled since a U.S. appeals court in late Janua...

Prices have steadily risen because the court decision raises the possibility of fewer small-refinery waivers going forward, creating higher demand for the credits, traders said.

Under the U.S. Renewable Fuel Standard, the nation’s oil refineries are required to blend billions of gallons of biofuels such as ethanol into the nation’s fuel pool, or buy credits known as RINs from those that do. But the EPA can waive refiners’ obligations if they prove compliance would cause them financial distress.

The Environmental Protection Agency under President Donald Trump has roughly quadrupled the number of waivers handed out to small refiners, angering the biofuel industry, which claims the exemptions hurt demand for corn-based ethanol. The oil industry rebuts that and says the obligations are too pricey.

According to the court’s decision, the EPA overstepped its authority to grant waivers in the past for HollyFrontier’s (

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