What’s the real story behind Philadelphia Energy Solutions’ bankruptcy, crude oil, and the Renewable Fuel Standard?

On Jan 21st 2018, Carlyle-backed Philadelphia Energy Solutions(PES), the largest refinery complex on the U.S. east coast at 335,000 barrels per day, filed for Chapter 11 bankruptcy, blaming Renewable Fuel Standard (RFS) compliance costs. In the week since the filing, the Washington Examiner reports several other small refiners have piled on, asking the Environmental Protection Agency to waive the Renewable Volume Obligations under the RFS.

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