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PBF Energy says can't absorb rising RIN costs, consumers to pay
HOUSTON |
HOUSTON Aug 1 (Reuters) - Independent U.S. refiner PBF Energy's costs of ethanol credits, or RINs, more than doubled in the second quarter and consumers are starting to see those costs at the pump because the industry cannot absorb them, Chairman Tom O'Malley told analysts on Thursday.
"Today these cost are so extreme that we can't, and I believe no other independent can, absorb them," O'Malley said. "The consumer will pay for this program."
The company spent $69 million on those credits in the first half of the year, $37 million of that in the second quarter.
O'Malley also said the company will run more imported crude versus inland U.S. crude if more economical as U.S. crude discounts to London's Brent have sharply narrowed.
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