RINS Had No Impact on 2013 Gas Prices

gaspricesDespite all the “RINsanity” caused in early 2013 when gas prices spiked and the oil industry pointed fingers at volatile Renewable Identification Numbers, a report out today exonerates RINS from blame.

The detailed statistical analysis
conducted by Informa Economics and released today by the Renewable Fuels Association (RFA) finds that retail gasoline prices were “unaffected by the erratic surge in prices for Renewable Identification Number (RIN) credits in 2013.”

“Changes in prices of renewable identification numbers (RINs) did not cause changes in retail gasoline prices in 2013,” according to Informa’s report. “Retail gasoline prices were driven primarily by movements in crude oil prices and secondarily by changes in the spread between domestic and international crude oil prices and the level of vehicle miles driven in the U.S., which varies seasonally.”

Overall, gas prices in 2013 average less than the previous year, at $3.49 per gallon according to AAA. That is the lowest price since 2010. The highest one-day national average was $3.79 per gallon on February 27.

RFA president and CEO Bob Dinneen, Informa Senior VP Scott Richman and analyst Crystal Carpenter, and Geoff Cooper, RFA’s Vice President of Research and Analysis, held a press conference today to discuss the analysis. RINS report media call