TELL PRESIDENT BIDEN & CONGRESS: SUPPORT THE SAFEGUARDING DOMESTIC ENERGY PRODUCTION & INDEPENDENCE ACT
The Renewable Fuel Standard (RFS) has been contributing to higher gas prices, undermining American energy security, and putting countless domestic refining jobs at risk. The excessively high and unstable cost of the program’s compliance credits, known as Renewable Identification Numbers (RINs), have contributed to the closing of some of our nation's independent refiners and unless the current program is reformed, it threatens even more and that would cause more pain at the pump for consumers.
The Biden administration has repeatedly promised to restore stability and certainty under the RFS and reset the program back to its original intention. However, RINs were envisioned as administrative fees and predicted to trade for just pennies apiece. Fast forward almost two decades later, our nation’s refiners are now paying about $1.50 per RIN, a 4900% increase. Independent refiners now spend more yearly on RINs than they do on salaries, benefits, maintenance and utility costs combined.
MEMBERS OF CONGRESS HAVE INTRODUCED A COMMONSENSE SOLUTION – GIVING INDEPENDENT REFINERS THE ABILITY TO PURCHASE RINS AT LOW, SUSTAINABLE, AND PREDICTABLE PRICE.
The bipartisan, bicameral legislation, introduced by U.S. Senators Bob Casey (D-PA) and Chris Coons (D-DE) and Representatives Brian Fitzpatrick (R-PA-1), Donald Norcross (D-NJ-1), Mary Gay Scanlon (D-PA-5), and Brendan Boyle (D-PA-2), gives refiners the opportunity to invest and plan for the future. This solution will protect tens of thousands of jobs, lower costs for consumers, and support America’s energy security and independence.