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The Renewable Fuel Standard is more expensive in 2021 than at any other point in the program’s 15-year history. Soaring RFS prices signal that the RIN bank could run dry.

U.S. petrochemical manufacturers are at the forefront of research and development into cutting-edge solutions to give new life to used plastic products. Leveraging their in-depth understanding of plastics’ molecular composition and the manufacturing process itself, AFPM members are investing in recycling technology, infrastructure and partnerships that will reduce mismanaged plastic waste by applying unlocking its value as a feedstock.

The U.S. is home to the most efficient and sustainable refining sector in the world, bolstering American energy security, supporting millions of well-paying jobs, and reliably providing the fuels the world needs to run. U.S. refiners have made major investments to continuously reduce the emissions of products and operations.

The cost of Renewable Fuel Standard (RFS) compliance credits, specifically D6 renewable identification numbers (RINs), is out of control. Sales of D6 RINs for conventional ethanol recently registered above $1.90 (the highest trades in history).

It was 2010 and Jerry Wascom, ExxonMobil’s Americas refining director, was worried. Despite fuel and petrochemical manufacturers making significant improvements in the safety of their individual operations, across the industries there was an uptick in serious incidents. Workers were getting injured, surrounding communities were losing confidence, the reputation of the industries was being tarnished and regulators were becoming increasingly engaged. Wascom turned to his counterparts within the American Fuel and Petrochemical Manufacturers Association (AFPM), the industry trade group, and asked, “Are we doing enough to protect people?”

The United States is the now largest producer of crude oil and has the largest, most complex and most efficient refining industry in the world. Yet two of our most important oil trading partners are those that share our borders: Canada and Mexico.

A nationwide 95 RON octane standard for vehicles can deliver major carbon reductions in the nation’s light-duty auto fleet faster and at a lower cost than any other proposal being considered by policymakers right now, especially policies seeking to force nationwide vehicle electrification.

Visit AFPM’s Hurricane and Weather Event Resource Center for more information on steps being taken to ensure the safety of our members’ facilities, their employees and the communities that surround them.

The official beginning of the Atlantic hurricane season usually begins on June 1, but the National Hurricane Center moved it up to May 15 with the formation of an early tropical storm in the Atlantic in the first half of the month.