The U.S. Environmental Protection Agency (EPA) maintained its requirement of 16.55 billion gallons of biofuel to be blended into the U.S. gasoline and diesel supply in 2013 leading to concerns in the industry that the market may reach its blending wall. Refiners can offset the EPA requirements by buying Renewable Identification Numbers (RINs). The price of RINs has increased to a record $1.43 each as there was a run on purchasing by traders amid uncertainty over EPA blending requirements for this year and next. The shortage of RINs could cause a reduction in fuel volume in the U.S. market or an increase in the exportation of gasoline from the U.S. as RINs are only required for fuel supplied to the U.S. market.
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