Posted on 08/10/2013 2:00:34 PM PDT by Hojczyk
This matters because for refineries to stuff ballooning amounts of ethanol into a static gas pool, they must blend it at levels of more than 10%. Since the nation's auto makers have declared they will void the warranties of cars using gas with more than 10% ethanol, refineries face lawsuits. Most have instead turned to buying federal renewable "credits" to make up for the ethanol they don't blend.
As demand for these credits skyrockets, so has the price—jumping from a few pennies a gallon last year to close to $1 a gallon today. Oil refiner Valero has said the credits could raise its cost by a stunning $750 million this year, a hit that will be passed on to consumers. PBF Energy just told investors that its disappointing second-quarter earnings were rooted in the mandate, noting that the $200 million it expects to fork over for ethanol credits this year will exceed the salaries and wages that it pays to operate all three of its refineries.
So who is the lucky dog? Who could make this happen? That's the best part. The EPA won't say. The agency not only refused to name the refinery in its rule, but also obscured certain numbers in the document to hide the beneficiary's identity. An EPA press officer would not give me the name, citing "confidentiality restrictions."
The public should want to know too. Washington is rife with secret deals that reward select corporate players, and the numbers have only accelerated under this "most transparent" of administrations. If the process by which the EPA issued this exemption was aboveboard, it should have no problem divulging details. Until that time, the public might fairly assume funny business.
(Excerpt) Read more at online.wsj.com ...
He holds a lot of Phillips 66. Good place to check. I’m sure after this WSJ story the “magic” winner will be ferreted out by somebody.
Ping.
Ping.
The list, Ping
Let me know if you would like to be on or off the ping list
Looks like another game of *Find the RAT*.
Any bets?
Barton Refining at Austin with 24 bopd?
Ethanol is costing every driver $1 per gallon, as well as keeping food from the mouths of starving people and animals worldwide.
It’s time to march on Washington with pitchforks and whatever. At least we need to demand hearings. And jail.
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