Posted July 21, 2014
Under the Renewable Fuel Standard (RFS) program, producers
and importers of renewable fuel generate Renewable Identification Numbers
(RINs), which are used by petroleum refiners and importers, to comply with the
renewable fuel volume obligations.
Several cases of fraudulently generated RINs have led to
inefficiencies and a significant reduction in the overall liquidity in the RIN
market, which resulted in greater difficulty for smaller renewable fuel
producers to sell their RINs.
The rule includes a voluntary quality assurance program and
related provisions. The program also includes elements designed to make it
possible to verify the validity of RINs from the beginning of 2013.
The rule is in effect September 16, 2014.
The Federal Register is available here.
