U.S. Senate leader asks CFTC to look into RINs pricing
The head of the Senate Agriculture Committee asked the regulator of the U.S. futures markets on Tuesday to investigate whether there was manipulation of the price of biofuel credits, known as RINs.
In a letter to the Commodity Futures Trading Commission, Chairwoman Debbie Stabenow said she was concerned "about the possible manipulation of the markets for Renewable Identification Numbers," the formal name for RINs. Fuel blenders can buy RINs to satisfy their obligation to use biofuels. Prices of RINs have been high and volatile.