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"Wall St. Exploits Ethanol Credits, and Prices Spike" (front page, Sept. 15) appropriately scrutinizes developing energy markets. The integrity of these markets is vital to the success of renewable fuels policies.
But we must remember that the Environmental Protection Agency just administers the tracking system for ethanol credits (Renewable Identification Numbers, or RINs); it doesn't create the credits. RINs are created when people use biofuels. So the transactions of interest are not between the oil industry and the E.P.A., but between different players in the oil supply chain.
Astute readers will have noticed that most of the program's critics cited in the article had ties to the oil industry. Fundamentally the Renewable Fuel Standard is about using less oil and shifting to cleaner alternatives. Those goals remain.
Yes, the E.P.A. and other regulators should improve transparency in the RIN program. But we should not allow the oil industry to stand in the way of our transition to cleaner fuels.
JEREMY MARTIN
Senior Scientist
Union of Concerned Scientists
Washington, Sept. 17, 2013
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