U.S. refiners may invest more in biofuels if their targets under the Renewable Fuel Standard are not reduced, according to a report by ratings agency Moody's. "In the absence of any [Environmental Protection Agency] waivers to meeting the renewable fuel requirements, we expect refiners to increase their investments in blending logistics infrastructure, ethanol production facilities and renewable fuels technology," Moody's said. Other options for refiners would be to increase gasoline exports to avoid buying RINs or to pass on the cost of RIN exposure to consumers, Moody's said.

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