1. Up, Up, and Away: What’s the Real Story On RINs? Scott H. Irwin

3. http://money.msn.com/business-news/article.aspx?feed=OBR&date=20130327&id=16285821

5. Renewable Volume Obligations (RVOs)

6. Renewable Identification Numbers (RINs) The U.S. EPA enforces RVOs using RINs, a tradable credit system A RIN is a 38-digit number assigned to each gallon or batch of renewable fuel produced or imported into the U.S. Each RIN travels with the biofuel as it moves through the supply chain RINs are actively traded in a secondary market RINs allow obligated parties to meet their individual mandates by applying RINs representing biofuels which they have physically purchased and blended, or those which were purchased from another party through RIN trading

7. Source: Schnepf, R., and B.D. Yacobucci. “Renewable Fuel Standard (RFS): Overview and Issues.” Congressional Research Service, March 2013.

11. The Ethanol Market: No Mandate Price Quantity P* Q* Demand Supply

12. The Ethanol Market: Non-Binding Mandate Price Quantity P* Q* Demand Supply QMQM

13. The Ethanol Market: A Binding Mandate Price Quantity P* Q* Demand Supply QMQM

14. The Ethanol Market: A Binding Mandate Price Quantity P* Q* Demand Supply Ps QMQM

15. The Ethanol Market: A Binding Mandate Price Quantity P* Q* Demand Supply Ps QMQM Pd

16. The Ethanol Market: A Binding Mandate Price Quantity P* Q* Demand Supply Ps QMQM Pd Gasoline Blenders Purchase Price Selling Price

17. The Ethanol Market: A Binding Mandate Price Quantity P* Q* Demand Supply Ps QMQM Pd Gasoline Blenders Purchase Price Selling Price RINs Price

25. Source: Schnepf, R., and B.D. Yacobucci. “Renewable Fuel Standard (RFS): Overview and Issues.” Congressional Research Service, March 2013.

30. Long Refining Capacity Short Blending Capacity Short Refining Capacity Long Blending Capacity A Continuum of Business Models for Obligated Parties in the U.S. Motor Fuel Supply Chain

31. Long Refining Capacity Short Blending Capacity Short Refining Capacity Long Blending Capacity A Continuum of Business Models for Obligated Parties in the U.S. Motor Fuel Supply Chain RINs Deficit RINs Surplus

32. Thank You!!