The Environmental Protection Agency (EPA) is looking into the fraudulent sale of Renewable Identification Numbers (RINs). These are generated when a gallon of biofuel is produced and most often “sold” with the gallon of biofuel. But is some cases RINs can be sold and bought without the biofuel attached.
What’s the big deal? RINs are used by the EPA to track compliance of biofuel use as part of the Renewable Fuel Standard (RFS2). The sale of fake RINs hurt the biofuel companies who are producing the fuel and if enough are sold, would keep obligated parties from legally achieving compliance.
According to OPIS who is hosting the 4th Annual RFS2, RINs & Biodiesel Forum being held October 18-19, 2012 in Chicago:
- Obligated parties have had to pay approximately $200 million in fines so far as a result of EPA’s “buyer beware” enforcement policy.
- A Maryland man now faces 32 years in prison for selling more than 32 million fraudulent biodiesel RINs.
- Marketers across the country are worried that there is no good way to make sure their RINs are “clean.”
EPA regulations and RIN compliance are just a few of the topics that will be discussed during the conference. Click here to learn more and to register.