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April 15, 2013
08:33 EDTPBFPBF Energy chairman comments on Renewable Fuels Standard
PBF Energy Inc.’s Executive Chairman, Thomas D. O’Malley, commented, in an April 12 article published by Platts, on the rising cost of compliance with the Renewable Fuels Standard through the purchase of RINs. RINs are renewable identification numbers attached to each gallon of renewable fuel produced and are used to ensure obligated parties are using the required quantities of renewable fuel in on-road fuels as mandated by the United States Environmental Protection Agency and the RFS. PBF Energy disclosed that it had expected to spend approximately $120M on RINs in 2013 and that amount could increase by $30M-$40M due to the rising cost of RINs. PBF Energy believes that the additional costs to producers associated with RINs will, unfortunately and inevitably, be passed on to consumers as the industry and consumers are effectively forced to comply with the government’s policy of subsidizing renewable fuels.
News For PBF From The Last 14 Days
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December 18, 2014
16:58 EDTPBFD. E. Shaw Kalon Portfolios reports 5% passive stake in PBF Energy
December 17, 2014
07:19 EDTPBFIndependent Refiners sector cut to Market Weight at Wells Fargo
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December 15, 2014
06:58 EDTPBFPBF Energy downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill downgraded PBF Energy to Underperform due to the lower oil price environment and risks of over supply from new global refinery capacity in the Atlantic basin. Price target lowered to $26 from $31.
December 9, 2014
08:45 EDTPBFSnow Capital Management reports 5.2% passive stake in PBF Energy
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