Publications: Notes at the Margin

Obfuscation 101: Why the RIN Program Affects Nothing But Cracks - Traders Beware (August 5, 2013)


Oil company officials are again trying to do what they do best: obfuscate. To explain, refining executives and the American Petroleum Institute (API) have been asserting that the ethanol issue affects consumers. It does not. We explain how the renewable fuels program and RINs have no effect on retail gasoline prices but have important implications for spot and futures markets and for traders.


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