The downstream oil stock's peers barely budged, though, so what's brewing? Under the Environmental Protection Agency's (EPA) Renewable Fuel Standard (RFS), oil refiners are required to blend a certain amount of renewables, specifically biofuels like ethanol and biodiesel, into the gasoline, diesel, and jet fuel they produce. Refiners either have to blend to meet yearly renewable volume obligation (RVO) as mandated under the RFS, or buy tradable renewable fuel credits called RINs in the open market.
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