US renewable fuel prices have doubled since a US appeals court in late January ruled the Trump administration must reconsider three waivers it previously handed out to oil refineries that exempted them from biofuel blending laws, reports Reuters.
Prices have steadily risen because the court decision raises the possibility of fewer small-refinery waivers going forward, creating higher demand for the credits, traders said.
According to the court’s decision, the EPA overstepped its authority to grant waivers in the past for HollyFrontier’s Woods Cross and Cheyenne refiners and CVR Energy’s Wynnewood refinery because the refineries had not received exemptions in the previous year.
