© Reuters. FILE PHOTO: Signage is seen on the headquarters of the US Environmental Safety Company (EPA) in Washington, DC, US, Might 10, 2021. REUTERS/Andrew Kelly/File Picture
By Stephanie Kelly and Jarrett Renshaw
NEW YORK (Reuters) -The US Environmental Safety Company on Thursday proposed an extension to 2020 and 2021 deadlines for oil refiners to show compliance with the nation’s biofuel mixing mandates, the company stated.
The extension might assist oil refiners which have slowed or stopped shopping for credit to show they’ve complied with the mixing necessities, amassing big excellent liabilities within the course of. The EPA’s transfer would enable these refiners, equivalent to Monroe Vitality and PBF Vitality (NYSE:) Inc, to unfold their debt over an extended time frame.
The quick positions, which the refiners constructed up during the last 12 months, had been a wager that President Joe Biden will finally facet with refiners and their union supporters and roll again the regulation often known as the US Renewable Gasoline Commonplace (RFS), Reuters beforehand reported.
Below the RFS, oil refiners should mix billions of gallons of biofuels into their gas combine, or purchase compliance credit from those who do. The EPA, which administers the RFS, can grant some refiners exemptions to the regulation if the refiners show the obligations are financially dangerous.
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