Breitbart: President Trump’s economic boom is repairing forgotten America. Deregulation and tax reform are spawning jobs and wages for the middle class.
But beneath good news, swamp creatures still swindle working America with Wall Street scams. We call these scams the “Renewable Fuel Standard” (RFS).
The Trump administration has dutifully drained parts of the swamp, but there’s work to be done with the RFS. And it needs to happen fast.
This week, Philadelphia Energy Solutions, the largest refinery on the East Coast (where relatively few refineries operate), filed for bankruptcy as it owes the EPA $100 million in overdue RINS credits. If the company goes under, 1,100 jobs will be lost and thousands more are at risk elsewhere at refineries struggling to comply with the RFS.
The RFS is a Wall Street subsidy masquerading as clean energy. It’s a disastrous provision of the Energy Independence and Security Act of 2007, a bipartisan attempt to lower gasoline consumption. This Bush-Pelosi monstrosity forces oil refineries to blend 15 billion gallons of biofuels, mainly ethanol, into annual gasoline production. President Obama’s activist Environmental Protection Agency (EPA) heightened this requirement. read more
As much as I love living in Michigan again, I miss the gas prices in MN. I don’t know how many refineries are in MI, but it is far less than MN because gas prices are 10-20 cents higher/gal here.
there is an independent refinery In St. Paul. there are actually 100’s of independent refineries in the US. It is the independent refineries that buy the RIN numbers instead of blending ethanol in their product. One publicly traded refinery in Kansas (CVRR is the trading symbol) has paid more for Renewable Identification Numbers than their earnings in the last 10 years. Exon, Murphy Oil, Chevron, Valero all blend ethanol in their fuel but the smaller refineries can’t get ethanol piped to their plants so they have to buy the RIN’s. CVRR stated that their RIN expense exceeds their profit margin. It is ridiculous. It was one of the reasons I was so pro Ted Cruz. He campaigned in Iowa as eliminating the ethanol mandate. and he won Iowa anyway.
Ethanol is for drinkin’, petrol is for drivin’.
Don’t mix the two.
If there was a true two-party system in American politics, Congress wouldn’t be able to regularly pull off these scams. Thanks go to your Uniparty scumbuckets.
I may be misinformed, but it seems like the oil companies are paid for every gallon of ethanol produced to make up for their “lost profits”.