The American Coalition for Ethanol is backing Senate Ag Chair Debbie Stabenow’s call for a CFTC investigation of RINS manipulation. ACE Executive Vice President Brian Jennings says alleged RINS manipulation by oil companies needs to be investigated and Commodity Futures Trading Commission is the proper way to do it.
Jennings says oil companies have been taking RINS, which are the proof of purchase credit they get when they buy ethanol and blend it into gasoline. They then turn those back to EPA which proves they bought the renewable fuel. He says oil companies have been taking advantage of RINS.
Jennings says lawmakers have been looking at the volatility of the RINS market thinking it means the RFS needs changing when actually it’s manipulation that’s causing unneeded spikes.