EPA chief calls for biofuels policy reform in wake of refiner bankruptcy [Seeking Alpha]
ENERGY TRANSFER PARTNERS LP (ETP)
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Source: Seeking Alpha
EPA chief calls for biofuels policy reform in wake of refiner bankruptcyEnvironmental Protection Agency head Scott Pruitt says therecent bankruptcy of oil refiner Philadelphia Energy Solutions is evidence that U.S. biofuel policy needs an overhaul.Pruitt says "we need RIN reform," agreeing with PES that the bankruptcy largely was caused by the Renewable Fuel Standard and the program’s requirement that refiners earn or purchase RIN biofuel blending credits to prove to the EPA that they were meeting their obligations.PES, a joint venture of Energy Transfer Partners (NYSE:ETP) and Carlyle Group (NASDAQ:CG), owes the EPA $185M worth of RINs; other refiners such as Valero Energy (NYSE:VLO) and PBF Energy (NYSE:PBF) also have complained about high RIN costs.Pruitt’s commentsanger biofuels advocates; opponents of the industry are "trying to capitalize on one company’s failed business model," says Bob Dinneen, president of the Renewable Fuels Association, adding that it is disingenuous "to ho
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