Tell President Biden and Congress: Fix the RFS
At the outset of the RFS program, RINs were predicted to trade for just a few pennies per credit. Today, RINs are trading at nearly two dollars per credit. As a result, refineries are spending more to purchase RINs on an annual basis than the cost of their entire payroll, healthcare, and utility costs combined.
These skyrocketing RINs costs, and the total lack of predictability, are forcing America’s independent refiners to cut costs elsewhere or even close. Two years ago, the largest refiner on the East Coast cited the spiraling costs of RINs in its bankruptcy filing. Eight refineries closed or announced closure within the last year alone, resulting in thousands of lost middle-class jobs that support working families.
Now, the future of American independent refineries is at stake, along with hundreds of thousands of jobs, our economy, and our national security.
As independent refineries struggle to recover from COVID-19 and decreased worldwide demand for refined products, they continue to seek relief from unrealistic RFS blending requirements and unsustainable regulatory costs. We need your help to build public awareness and momentum around these issues to prevent more independent refineries from closing for good.
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