API Letter: Response to RFA Request to Investigate RIN Markets
API Downstream Group Director Frank Macchiarola's letter to Commodity Futures Trading Commission Chairman Timothy Massad and Environmental Protection Agency Administrator Gina McCarthy responding to the Renewable Fuels Association's request to investigate Renewable Identification Number (RIN) markets.
The Renewable Fuels Association (RFA) recently requested that the Environmental Protection Agency (EPA) and the Commodity Futures Trading Commission (CFTC) investigate potential manipulation in the Renewable Identification Number (RIN) market. RFA claims that "basic market fundamentals suggest RIN prices should have remained stable - or fallen- following the [2017 RFS] proposal's release." API and our member companies support the efforts of a bipartisan group in Congress to enact legislation that will fix the broken and unworkable Renewable Fuel Standard (RFS) program. API, as a trade association, cannot forecast RIN prices or predict what the market will do or should have done. However, it is important for us to point out the inaccurate and misleading statements RFA made in its August 1, 2016 letter.
See complete letter below:
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