A letter from the National
Biodiesel Board to the Trump Administration seeks to clarify issues
refineries are wanted addressed. Texas Senator Ted Cruz is holding the
nomination of Iowa Agriculture Secretary Bill Northey to the Department
of Agriculture, asking for a meeting to discuss renewable identification
number credits, or RINs. Cruz says refiners call the RINs expensive,
"costing thousands of refinery workers their jobs." However, the
National Biodiesel Board took aim at refiners, specifically PBF Energy.
Executives of the company have previously made "strong statements" on
the potential negative impact of RIN prices on the company's earnings.
The Biodiesel Board points out that the just reported third-quarter
revenue for PBF energy of $5.5 billion, is 22 percent high than compared
to last year, calling the RIN concerns "overstated." The National
Biodiesel Board is the U.S. trade association representing the biodiesel
and renewable diesel industries, including producers, feedstock
suppliers and fuel distributors.
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