The U.S. Environmental Protection Agency has invalidated 33.5 million Renewable Identification Numbers (RINs) worth about $13.4 million sold by Indiana-based E-Biofuels LLC. This story from the Indiana Business Journal says while Big Oil has jumped on the announcement as an indictment of the Renewable Fuel Standard (RFS), biodiesel advocates are quick to point out this is just an isolated incident and proof that the system is working to catch any frauders.
“This fraud is disappointing for everyone, but it is important to remember that these are isolated cases from several years ago,” Ben Evans, a spokesman for the National Biodiesel Board, said in an e-mail. “Despite what RFS critics would like us to believe, they do not show that the RFS is broken any more than an isolated case of trading fraud shows the stock market is broken.”
This latest case comes as the EPA developed a proposal to tighten oversight of the RFS, expected to be formally implemented next year.