March 27, 2013 / 2:20 PM / in 6 years

Key US senator blames speculators for high ethanol RIN price

WASHINGTON, March 27 (Reuters) - The recent surge in prices for U.S. ethanol credits known as RINs is due to speculation, said the top-ranking Republican on the Senate Judiciary Committee on Wednesday.

Iowa Sen Chuck Grassley said he had “just one word - speculation,” when reporters asked about the price explosion and congressional information-gathering on the subject. “That’s quite a rise (in prices). It doesn’t seem to me that’s the marketplace,” said Grassley.

Grassley suggested regulators, such as the Commodity Futures Trading Commission, should look into the issue. Grassley’s home state of Iowa is No 1 in corn production and in ethanol production.

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