A billion dollar question: do refiners recapture RINs expense?

There is much confusion in the refining industry on whether and how $billions/year of Renewable Identification Number (RIN) expenses are being passed through and recaptured by refiners in their profit margins. The issue has been around for many years and re-surfaces during run-ups in RIN prices. For example, in the Phillips 66 first quarter 2021…

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