Renewable Identification Numbers, Renewable Fuel Standard Program and the State of the Industry

Chevron Renewable Energy Group recently hosted an educational session on the Renewable Fuel Standard (RFS) program, Renewable Identification Numbers (RINs), and the State of the Industry at the Heating & Energizing America Trade (HEAT) Show. The session aimed to clarify how recent renewable volume obligations (RVOs) relate to fuel retailers and wholesalers. Chevron aims to achieve a renewable fuel production capacity of 100,000 barrels per day by 2030. Chevron Renewable Energy Group’s Jason Lawrence, Senior Business Executive, emphasized the importance of embracing renewable fuels to lower carbon emissions and how planning and discussions with biofuel providers in advance of seasonal demand are crucial for pricing and supply during peak periods.

“The RFS was developed to increase the production and use of renewable fuels in the transportation sector, and as such, many heating fuel providers are uncertain as to how it relates to the industry. The HEAT Show presentation, scheduled months before the EPA release, was developed to respond to that uncertainty. Lawrence explained to the audience that the RFS program is a national policy that requires a certain volume of renewable fuel to replace or reduce the quantity of petroleum-based transportation fuel, heating oil or jet fuel.”

Read more