We have facilitated 252,094 trades through the month of July
Taos, New Mexico (PRWEB) August 7, 2008
Fundamental to today's ruling by EPA Administrator Stephen Johnson denying Governor Rick Perry's RFS waiver request is the use of a little known credit called a RIN - Renewable Identification Number. These credits are used by obligated parties, such as refiners and importers of gasoline, to demonstrate compliance with the rule. RINs are submitted to EPA by the oil companies each year as their proof of meeting the RFS mandate.
Clayton McMartin, president of the Clean Fuels Clearinghouse, issued a prediction weeks ago, on July 16, 2008, stating that the waiver would be denied. The prediction was based upon a provision found within RFS regulations which provides each individual oil company with the ability to carry over a deficit of RINs from one year to the next. A provision that lessens the economic impact, where short term supply becomes an issue, and one of the important components in EPA's ability to manage economic harm.
Early adaptors to the RIN program participate on the Nation's renewable fuel registry known as RINSTAR™. In addition to providing a ready supply of RINs, the voluntary registry enables proactive validation of the credits. Companies are able to check to see if the credits are legitimate, which brings the highest level of confidence to the trade, assuring compliance with the law.
The registry has been operational since the RFS went into effect, September 1, 2007, and now interacts with over 450 companies throughout the supply chain each day. "We have facilitated 252,094 trades through the month of July", said Clayton McMartin, president of the Clean Fuels Clearinghouse and registrar for the Renewable Fuel Registry. "Based upon our day to day observations of the renewable fuel business, we see the RIN credit playing an increasingly important role in America's energy future."
Rising gasoline prices, compounded by political pressure, are resulting in an increased demand for more renewable fuel, placing the RIN credit in an important role for America's energy future. Even though the average American motorist will likely never hear about a RIN, this new energy credit is sure to become a critical component for stabilizing a ready source of alternative fuels for many years to come.
The Clean Fuels Clearinghouse is an independent company focused on cost effective implementation of motor fuel regulations. The company is uniquely positioned to provide a system wide renewable fuel validation and implementation platform. For more information, visit them on the web at http://www.CleanFuelsClearinghouse.com or RINSTAR at http://www.RINregister.com
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