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.