The American Petroleum Institute (API) launched an online marketplace yesterday that enables petroleum refiners, blenders and importers to connect with sellers of renewable fuels credits.
The API Credit Exchange (ACE) was created to help fulfill the trading requirements that the US Environmental Protection Agency established in September 2007, while implementing the 2005 Energy Policy Act’s renewable fuels standard.
As part of that implementation, EPA set up a credit trading program to assure that the oil industry could comply with the RFS and still have the flexibility to meet domestic motor fuel needs. While ACE will be a clearinghouse for companies seeking trading partners, the actual credit trades will take place outside the system.
"ACE is designed to help our companies and all affected companies comply with the new law," said John Modine, API’s certification programs director. "This service allows parties wanting to buy or sell renewable fuel credits known as RINs to post their needs on an easy-to-use bulletin board system."
API said the subscription-based service will give subscribers access to an online database, allowing them to track their trades and create data reports to submit to EPA. Summary reports, which could help subscribers meet federal and state filing requirements, and the latest industry news also will be available through ACE, according to API.
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