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首页> 外文期刊>Journal of the Association of Environmental and Resource Economists >The Pass-Through of RIN Prices to Wholesale and Retail Fuels under the Renewable Fuel Standard
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The Pass-Through of RIN Prices to Wholesale and Retail Fuels under the Renewable Fuel Standard

机译：在可再生燃料标准下，RIN价格对批发和零售燃料的传递

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摘要

The US Renewable Fuel Standard (RFS) requires blending increasing quantities of biofuels into the surface vehicle fuel supply. The RFS requirements are met through a system of tradable permits called Renewable (fuel) Identification Numbers, or RINs. We exploit the large fluctuations in RIN prices during 2013-15 to estimate the pass-through of RIN prices to US wholesale and retail fuel prices. We control for common factors by examining spreads of physically similar fuels with different RIN obligations. Pooling six different wholesale petroleum fuel spreads, we estimate a pooled long-run or equilibrium pass-through coefficient of 1.00 with a standard error of 0.11. This pass-through occurs within two business days. The only fuel for which we find economically and statistically significant failure of pass-through is retail E85, which contains up to 83% ethanol; the pass-through of RIN prices to the retail E85-E10 spread is precisely estimated to be close to zero.
机译：美国可再生燃料标准（RFS）要求将越来越多的生物燃料掺入地面车辆燃料供应中。 RFS要求通过称为可更新（燃料）识别号或RIN的可交易许可证系统满足。我们利用2013-15年度RIN价格的大幅波动来估算RIN价格对美国批发和零售燃料价格的传递。我们通过检查具有不同RIN义务的物理相似燃料的扩散来控制共同因素。汇总六个不同的批发石油燃料价差，我们估计汇总的长期或均衡通过系数为1.00，标准误为0.11。此传递在两个工作日内发生。我们发现在经济上和统计学上无法通过的唯一燃料是零售E85，其中包含高达83％的乙醇；准确估算出RIN价格到E85-E10零售价差的传递接近于零。

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