A Wall Street Journal editorial was wrong to suggest that Renewable Identification Numbers are the cause of higher gasoline prices because they are free, it's the noncompliance of refiners that's to blame, writes Renewable Fuels Association President and CEO Bob Dinneen. "[G]asoline prices have been falling again since early June while RIN prices have continued to escalate. The correlation of RINs to gas prices since Feb. 1 has been -0.3, meaning increasing RIN prices correlate best to decreasing gas prices. Oops," Dinneen writes.
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