D4s Bounce, RFS Bends: Exemptions Collide with Global Biofuel Flows
The biodiesel complex opened the week under heavy policy uncertainty as traders digested EPA’s sweeping action on small refinery exemptions (SREs). On August 22, EPA announced decisions on 175 petitions covering compliance years 2016–2024. The outcome: 63 full exemptions, 77 partial exemptions, 28 denials, and 7 ineligible petitions. That means 140 exemptions were granted in total. The striking fact is that there are only 38 small refineries in the United States eligible for these waivers, yet through repeat annual and retroactive filings they have managed to accumulate hundreds of petitions. Since 2013, more than 216 full exemptions and 77 partial exemptions have been granted across 462 petitions filed, effectively waiving compliance on billions of gallons of gasoline and diesel.
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