1 posted on
12/30/2012 8:28:26 AM PST by
RLM
To: RLM
Rack up green tax credits by repeatedly importing and exporting the same load of biodiesel. Stark example of the stupidity of Marxist Obamanomics.
To: RLM
Apparently this isn’t being aggressivly persued by the US government. A scam set in motion by an excess of US government programs and regulation, I know it cost tax payers and consumers, who all does bit profit?
4 posted on
12/30/2012 8:48:54 AM PST by
duffee
(Newt Gingrich for Speaker)
To: RLM
The company that organized the train shipment was Bioversel Trading Inc. of Toronto. Its principal, Arie Mazur, gave CBC a detailed explanation this week explaining that the trip was all about RINs renewable identification numbers the credits set up by the EPA to promote and track production and importation of renewable fuels such as ethanol and biodiesel.
6 posted on
12/30/2012 9:17:57 AM PST by
texas booster
(Join FreeRepublic's Folding@Home team (Team # 36120) Cure Alzheimer's!)
To: RLM
Because RINs can be generated through import, the 12 trainloads that crossed into Michigan would have contained enough biodiesel to create close to 12 million RINs. In the summer of 2010, biodiesel RINs were selling for 50 cents each, but the price soon fluctuated to more than $1 per credit. Once "imported" to a company capable of generating RINs, ownership of the biodiesel was transferred to Bioversel's American partner company, Verdeo, and then exported back to Canada. RINs must be "retired" once the fuel is exported from the U.S., but Bioversel says Verdeo retired ethanol RINs, worth pennies, instead of the more valuable biodiesel RINs. Bioversel claims this was all perfectly legal.
7 posted on
12/30/2012 9:19:02 AM PST by
texas booster
(Join FreeRepublic's Folding@Home team (Team # 36120) Cure Alzheimer's!)
To: RLM
While this scam went and probably continues under EPA auspices, this same agency is, without apology, requiring the oil companies, under the same mandate for renewable energy, to pay for not using
"Cellulosic Ethanol". This non-existent (outside research labs) substance is an ever increasing percentage requirement of the nation's fuel supply by virtue of a 2007 law. The ever kind and generous EPA, recognizing that the law did not match industry availability, reduced the required amount for 2012 from 500 million gallons to a mere 8.65 million gallons but that was as low as they could go for a non obtainable substance. The energy industry also missed the 2011 250m.gal. adjusted to 8.5m.gal. purchase for which it must pay fines / buy credits via EPA.
9 posted on
12/30/2012 9:58:56 AM PST by
SES1066
(Government is NOT the reason for my existence but it is the road to our ruin!)
To: RLM
I just forwarded this article to my Congressman asking for an explanation. Well, we’ll see....
10 posted on
12/30/2012 10:09:38 AM PST by
alice_in_bubbaland
(When injustice becomes law, resistance becomes mandatory- Thomas Jefferson)
To: RLM
They used to do this with livestock across the Northern Ireland/Eire border - as you pass “GO” collect $200.
11 posted on
12/30/2012 1:16:14 PM PST by
Vide
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