Major refiners like Valero Energy Corp are on track to pay record amounts this year for credits to comply with US renewable fuel rules, corporate filings show, a trend that hurts profits and has some looking to export more to avoid the cost.
Refiners and fuel importers are required to meet a US biofuel quota of roughly 10 percent through blending products like ethanol into gasoline and diesel. If they fall short, they can buy credits generated by companies in compliance. But the cost of the credits, known as Renewable Identification Numbers (RINs), has jumped.
