NEW YORK (Reuters) - The worsening financial condition of East Coast oil refiner Philadelphia Energy Solutions will present a new test for America’s controversial biofuels policy, legal experts say, revealing whether the government can collect a massive biofuels-related debt from a company in distress.
The outcome could have implications for other refiners struggling to cope with the Renewable Fuels Standard, a law administered by the Environmental Protection Agency that requires refiners to blend biofuels into the nation’s fuel supply every year, or buy credits from those who do.
PES, the oldest and largest refiner on the East Coast, is carrying a shortfall of such credits owed to the EPA likely worth over $100 million, while its management also considers filing for bankruptcy ahead of a separate $550 million short-term loan that comes due in March.
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2 comments:
so hundreds of millions of dollars are basically stolen and I'm sure the execs were paid hadsomel. So who's going to jail? rob a 7-11 for diapers or food and you go to jail steal millions from the government and what? nothing!
All these greenie solutions to our energy needs are falling by the waste side one by one.
Look at what's happening in Australia during their current summer peak as they have rolling blackouts because the libtard government decided to demolish coal power and build all renewables
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