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CFTC Brought in to Police Murky Market for Biofuel Credits

  • Refiners spent at least $1 billion on ethanol credits in 2015
  • U.S. requires oil companies blend set amounts of biofuel
Updated on

The Environmental Protection Agency is enlisting the help of the U.S. Commodity Futures Trading Commission to help it police the creation and trading of biofuel credits, an opaque $1 billion market that has seen cases of fraud.

The agencies said Thursday they signed a memorandum of understanding to share information. The accord also allows the CFTC to advise the EPA on investigations into potential fraud involving so-called Renewable Identification Numbers, or RINs.