March 19, 2013 / 2:00 PM / 4 years ago

HollyFrontier CEO says RIN market shouldn't be 'casino'

1 Min Read

SAN ANTONIO, March 19 (Reuters) - Hedge funds and others looking to bet on prices of ethanol credits shouldn't use that market as a "casino," the chief executive of HollyFrontier Corp told refining executives on Tuesday.

Mike Jennings said brokers and hedge funds "are participating in this market, using it as a casino," and that "defies both the logic and the intent of the renewable fuel standard."

He also told executives at the annual meeting of the American Fuel and Petrochemical Manufacturers in San Antonio that the mechanics of the program are causing higher gasoline prices at the pump.

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