Posted July 21, 2014
Under the Renewable Fuel Standard (RFS) program, producers and importers of renewable fuel generate Renewable Identification Numbers (RINs), which are used by petroleum refiners and importers, to comply with the renewable fuel volume obligations.
Several cases of fraudulently generated RINs have led to inefficiencies and a significant reduction in the overall liquidity in the RIN market, which resulted in greater difficulty for smaller renewable fuel producers to sell their RINs.
The rule includes a voluntary quality assurance program and related provisions. The program also includes elements designed to make it possible to verify the validity of RINs from the beginning of 2013.
The rule is in effect September 16, 2014.
The Federal Register is available here.
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